(A) Created. There hereby is created a special improvement district revolving fund in order to, and for the purpose of, securing prompt payment of any and all special improvement district bonds and/or warrants of all special improvement districts of the city, created subsequent to February 25, 1929, in compliance with Title 1, Local Government, of the Montana Code Annotated. Any such existing fund created heretofore is hereby reaffirmed, recreated and ratified.
(B) Powers of Council. For the purpose of providing funds for such Revolving Fund, the City Council:
(1) May, in its discretion, from time to time, transfer to the Revolving Fund from the General Fund of the city such amount as may be deemed necessary, which amount so transferred shall be deemed and considered, and shall be loans from such General Fund to the Revolving Fund; and
(2) Shall, in addition to such transfer from the General Fund, or in lieu thereof, levy and collect for such Revolving Fund such a tax, hereby declared to be for a public purpose, on all the taxable property in the city as shall be necessary to meet the financial requirements of such fund. Such levy, together with such transfer, shall not exceed in any one year 5% of the principal amount of the then outstanding special improvement district bonds and warrants.
(C) Insufficient funds. Whenever any special improvement district bond or warrant, or any interest thereon, shall be, at the time of the passage hereof, or shall thereafter become due and payable, and there shall then be either no money or not sufficient money in the appropriate district fund with which to pay the same, an amount sufficient to make up the deficiency may, by order of the City Council, be loaned by the Revolving Fund to such district fund, and thereupon such bond or warrant or such interest thereon, or in case of such bonds or warrants due at the time of the passage hereof, such part of the amount due on such bonds or warrants, whether it be for principal or interest, or both, as the Council may, in its discretion, elect or determine, shall be paid from the money so loaned or from the monies so loaned when added to such insufficient amount, as the case may require; provided, however, that none of the provisions of this section shall apply to any district created prior to February 25, 1929.
(D) Loans. Whenever any loan is made to any Special Improvement District Fund from the Revolving Fund, the Revolving Fund shall have a lien therefor on all unpaid assessments and installments of assessments on such district, whether delinquent or not, and on all monies thereafter coming into such district, to the amount of such loan, together with interest thereon from the time it was made at the rate, or percentage, borne by the bond or warrant for payment of which, or, of interest thereon, such loan was made; and whenever there shall be monies in such District Fund which are not required for payment of any bond or warrant of such district, or interest thereon, so much of such monies as may be necessary to pay such loan shall, by order of the Council, be transferred to the Revolving Fund; and after the bonds and warrants issued on any special improvement district have been fully paid, all monies remaining in such district fund shall, by order of the Council, be transferred to and become part of the Revolving Fund.
(E) Excess funds.
(1) Whenever there is, in the Revolving Fund, an amount in excess of the amount which the Council deems necessary for payment or redemption of maturing bonds or warrants or interest thereon, the Council may:
(a) By vote of its members at a meeting called for that purpose, order such excess or any part thereof transferred to the General Fund; or
(b) Use such excess or any part thereof for the purpose of purchasing property at sales for delinquent taxes or assessments, or both, or which may have been struck off or sold to the county for delinquent taxes or assessments, or both, and against which property there then is any unpaid assessment for special improvements on account whereof there are outstanding special improvement district bonds or warrants of the city.
(2) The Council may sell any tax certificates issued on any such sale. After acquiring title to such property, the city may lease such property or sell the same at public or private sale and make conveyance thereof, or otherwise dispose thereof as the interest of the city may require. All proceeds from such sale of tax certificates and from such leasing, sale or other disposition of the property shall belong to, and be paid into, the Revolving Fund and be subject to transfer, in whole or in part, to the General Fund by the vote of all the members of the Council at a meeting called for that purpose as hereinbefore provided.
(Prior Code, § 1-11-1)