A. Initial Costs:
1. Three-fourths (3/4) of the entire cost and expense of furnishing, installing and equipping lighting units, together with the necessary connections and appurtenances; and three-fourths (3/4) of the entire cost of maintaining lights thereon and supplying electrical current therefor for the first year, provided for in resolution 14 passed by the city council on May 16, 1921, for the purpose of erecting and furnishing lighting units and maintaining lights thereon for the first year as set forth and specified in said resolution, shall be paid by the entire district, special improvement lighting district no. 1, each lot and parcel of land within the district to be assessed for that part of the cost to be paid by the district which its number of linear feet in front of or abutting the streets and avenues included within said district, bears to the total number of linear feet in front of or abutting the streets and avenues to be lighted within the special improvement lighting district no. 1; and the other one-fourth (1/4) of the entire cost of maintaining said lights and supplying electrical current therefor in the district for the first year shall be paid by the city out of the general fund or other fund provided for that purpose.
2. The cost and expense of furnishing, installing and equipping the lighting units, together with the necessary connections and appurtenances, shall be paid in eight (8) equal annual installments, and for the entire cost and expense of said improvements, bonds are to be drawn on the funds of the special improvement lighting district no. 1 and made payable exclusively from said funds. Such bonds shall be of the denomination of one hundred dollars ($100.00) or multiples or fractions thereof. Such assessments shall be paid in eight (8) annual installments and the payments of said annual installments of said assessments and of said cost and expense shall be extended over a period of eight (8) years from and after the completion of the installation of such lighting fixtures and appurtenances in the district. All monies derived from the collection of said assessments, and all monies paid by the city out of the general fund, or other fund, for the purpose of erecting and furnishing said units, shall constitute a fund to be known as "Special Improvement Lighting District No. 1 Fund".
B. Annual Assessment: The entire cost and expense of maintaining the lights and furnishing electrical current therefor shall be paid by an annual assessment against the property in the district and by the city, in such proportions as are designated in subsection A1 of this section for the first year, and in such proportion as may hereafter be designated by the city council for the succeeding years. All monies derived from the collection of the assessments and from the amount so paid by the city shall be paid into a fund to be known as the "Special Improvement Lighting District No. 1 Maintenance Fund", and warrants shall be drawn on said fund for the payment of such costs and maintaining the lights and furnishing electrical current therefor. (Ord. 3.00)
A. District Revolving Fund Established: In order to secure prompt payment of any special improvement district bonds or warrants, or interest thereon, issued in payment for improvements to be made in special improvement lighting district no. 2, special improvement district no. 5 and special improvement districts hereafter created, there is hereby created and established special improvement district revolving fund no. 1 of the city. (Ord. 3.04)
B. Funds Provided: For the purposes of providing funds for such revolving fund of the city council, the council:
1. Transfer From General Fund: May, in its discretion, from time to time, transfer to said revolving fund from the general fund of the city, such amount or amounts as deemed necessary to secure the prompt payment of the bonds and warrants, and interest thereon, to be issued by special improvement district no. 5, and special improvement lighting district no. 2, and all other special improvement districts hereinafter created. Monies transferred from the general fund shall be a loan to be repaid as monies from special improvement districts are collected.
2. Tax Levy: Shall, in addition to such transfer or transfers from the general fund, levy and collect for such revolving fund hereby created each year, in addition to all other taxes, a tax on all of the taxable property in the city, equal in amount to the delinquencies in the payment of special assessments and interest thereon during the year immediately preceding; such levy, together with such transfer, not to exceed in any one year five percent (5%) of the principle amount of the then outstanding special improvement district bonds and warrants, as provided under Montana Code Annotated title 7, chapter 12. (Ord. 3.04; amd. 2006 Code)
C. Excess Funds: Whenever there is in the revolving fund an amount in excess of the amount which the council deems necessary for the payment or redemption of maturing bonds or warrants and interest thereon, the city council may:
1. Transfer To General Fund: By vote of all its members at a meeting called for that purpose, order such excess, or any part thereof, transferred to the general fund of the city, only in the event that none of the special improvement district bonds affected by the revolving fund created herein remain outstanding and unpaid; or
2. Purchase Of Properties: Use such excess, or any part thereof, for the purchase of property at sales for delinquent taxes and assessments, or both, or which may have been struck off and sold to the county for delinquent taxes or assessments, or both, and against which property there may be any unpaid assessments for special improvements, including special improvement district no. 5, special improvement lighting district no. 2, and other districts hereafter created, on account whereof there are outstanding special improvement district bonds or warrants of the city. (Ord. 3.04)