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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)