§ 11-39-114. Transfer of revenues to general fund.

Section 39-114.  The governing body may transfer to the general fund of the city any money obtained from the levy of an assessment for a district if:

1.  Bonds were issued to finance the improvement; and

2.  The funds obtained by the bonds were spent for the improvement; and

3.  The assessments were levied and collected for the payment of the bonds; and

4.  Either the bondholders are barred by the statute of limitations or a court judgment or decree from collecting the indebtedness; or

5.  The bonded indebtedness has been paid.

Laws 1978, c. 233, § 14, emerg. eff. April 25, 1978.