In accord with Division IV of Iowa Code Chapter 384, and in consideration of the restrictions set forth therein, all funds derived from special assessments levied by the City as allowed by law (hereinafter “Special Assessment Collections”), shall be used first to pay any outstanding assessable project costs for the public improvement for which private property was assessed, or the outstanding debt service on any obligations sold to fund said assessable portion of said project costs for the public improvement project.
In the event all assessable project costs for any closed public improvement project have been paid and no debt service payments for obligations sold to fund any assessable portion of project costs of such closed public improvement project remain outstanding, then Special Assessment Collections shall be held in a fund to be used to guarantee bonds issued under Iowa Code Section 384.68 to the extent that any such bonds are outstanding. In the event that no bonds issued under Iowa Code Section 384.68 are outstanding, all remaining Special Assessment Collections shall be credited to reimburse the fund from which project costs were paid by the City on account of any deficiencies under Section 384.63.
In the event all funds used to cover deficiencies under Section 384.63, as provided in Section 12.02 above, if any, have been reimbursed then any remaining Special Assessment Collections shall be transferred to the fund from which project costs were paid, or from which debt service on obligations used to pay projects costs were paid.
(Ch. 12 - Ord. 1806 – Apr. 14 Supp.)