(A) The City Clerk shall promptly apply all money paid on assessment installments, including interest and penalties, to the payment of bonds and coupons issued in anticipation of the collections of the assessments. If the fund accumulated from the collection of installments, interest, and penalties for any particular improvement is more than sufficient to pay the principal and interest of the bonds issued in anticipation of the collections, such excess shall be deposited into the General Fund of the city. If there is any deficit, the city may provide for its payment out of the general funds of the city.
(B) The installments, interest, and penalties collected for any one improvement project shall be recorded in a separate account. Collections for the account of any and all such improvement projects may be deposited and kept in a single depository or fund, but money from such depository or fund may be disbursed only for interest or in redemption of bonds issued for a particular improvement and only when the account balance of such improvement project evidences the availability of money for such disbursement. However, money collected in excess of interest and redemption requirements for any improvement project may be transferred to the General Fund of the city.
(Ord. O-18-83, passed 5-24-83)