(A) Under, and pursuant to the provisions of MCA §§ 7-12-4221 to 7-12-4229, there is hereby created and established a special fund which shall be maintained by the Town Treasurer, on the official books and records, separate from all other funds, to be known and designated as the Special Improvement District Revolving Fund, for the purpose of securing the prompt payment of the cost of improvements made for the benefit of special improvement districts.
(Prior Code, § 3-4-1)
(B) For the purpose of providing funds for the revolving fund, the Town Council may, from time to time, transfer to the revolving fund from the General Fund. In addition, the town can levy and collect a tax upon the taxable property to meet the obligation of the revolving fund. The transfers and levy combined can not exceed 5% of the principal amount of the outstanding Special Improvement District bonds of the town.
(Prior Code, § 3-4-2)
(C) Whenever any Special Improvement District bond of the town, or any interest, shall become due and payable, and the Special Improvement District does not have sufficient money to pay, the Town Council can order funds to be paid to the special improvement district. The loan will be repaid to the revolving fund by order from the Town Council to cover the bonds and interest.
(Prior Code, § 3-4-3)
(D) (1) By order of the Town Council, excess reserve funds from other town funds can be transferred to the revolving fund, or excess reserves from the revolving fund can be transferred to the General Fund.
(2) Transfers to the revolving fund can be used to pay unpaid assessments as established by law.
(3) The reserve for the revolving fund can not be reduced to pay unpaid assessments.
(4) Revolving fund reserves will be deposited in a qualified depository bank and secured at all times. If held in a time deposit, it can not exceed 180 days.
(Prior Code, § 3-4-4) (Ord. passed 8-28-2006)