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The City Commission shall have the right to create by ordinance any special assessment revolving fund or funds, out of which may be paid the cost of any proposed improvement, where special assessments are levied or to be levied to pay all or any portion of the cost of the improvement. Monies, raised or appropriated for the purpose of making improvements where special assessments are to be levied to repay all or a portion of the cost thereto, may be deposited in the special assessment revolving fund or funds, and the proceeds from the collection of principal and interest of any assessment liens shall be deposited to the credit of and shall replenish the fund. The city shall transfer to the fund or funds yearly from the general fund or other source of revenue an amount not less than the city's portion of the cost of the improvements made from monies in the fund. The special assessment involving fund or funds shall constitute a permanent fund or funds to be used for the purpose of paying the cost of local improvements, where the proceeds of the assessment liens levied in connection therewith are to be deposited in the fund as collected. The monies in the special assessment revolving fund of funds at the close of the fiscal year shall not be transferred or appropriated to any other fund, but shall be used exclusively for the purposes of making local improvements where special assessments are to be levied to repay all or a part of the cost thereof.
(Special Acts, Ch. 57-1754, § 199) ('58 Code, § 45.146)