(A) Salary Fund. There is hereby established a fund to be known as the Special Assessment Salary Fund. Two percent of all monies received by the city in the payment of special assessments levied by the city shall be credited by the proper officers to the Fund and shall be set aside and used for the purposes of the Fund. The compensation of persons as may be employed by the city to perform services pertaining to the collection of special assessments, special assessment bonds, vouchers and warrants and the keeping of books with reference to the special assessments paid or services of like nature shall be paid from the Fund.
(B) Interest Fund. There is hereby established a fund to be known as the Special Assessment Interest Fund. All interest collected or accruing on deposits of money derived from special assessments shall be placed in the Fund. The Fund may be used for:
(1) Retiring outstanding special assessment vouchers and bonds delinquent by reason of a deficiency in the Fund out of which the vouchers or bonds are to be paid;
(2) Paying interest or deficiency of interest on special assessment vouchers or bonds;
(3) Paying assessments on account of public benefits; or
(4) Purchasing a lot, block, tract or parcel of land or real estate at a sale conducted to enforce the collection of special assessments or special taxes.