§ 250.390.

TRUST FUNDS

All monies which shall have been pledged or contributed to the payment of the bonds and the interest thereon, and all annual assessments levied therefor, shall be deposited in the redemption fund for such issue, shall constitute a trust fund therefor, and shall not be expended for any other purpose; provided that if any monies remain in the redemption fund after the payment of all the bonds and the interest thereon they shall be transferred to the City general fund, unless a maintenance, improvement or a service facilities district has been created for the improvements acquired and/or constructed from the proceeds of said bonds, in which event they shall be transferred to such fund, and be used for the objects and purposes thereof.

History

(Added by Ord. 225-81, App. 5/5/81)

Download

  • Plain Text
  • JSON

Comments