A. Statute Authority: There is hereby created and established in the City a Special Improvement District Revolving Fund as authorized by section 7-12-4221, Montana Code Annotated, to be maintained for any special improvement district or districts heretofore or hereafter created for any purpose in order to secure prompt payment of any special improvement district bonds or warrants, heretofore or hereafter issued to defray the cost of improvements made therein, and the interest thereon as it becomes due.
B. Transfer Monies: For the purpose of providing funds for such Revolving Fund, the City Council may in its discretion transfer to the Revolving Fund from the General Fund of the City such amounts as may be deemed necessary, which amounts so transferred shall be deemed and considered, and shall be loans from such General Fund to the Revolving Fund; and shall, in addition to such transfers 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 five percent (5%) of the principal amount of the then outstanding special improvement district bonds and warrants.
C. Revolving Fund Loans To District Fund: Whenever any special improvement district bond or warrant, or any interest thereon, shall hereafter become due and payable, and there shall then be either no money or insufficient 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 shall be paid from the money so loaned or from the money so loaned when added to such insufficient amount, as the case may require. (1977 Code § 3.52.010; amd. 2000 Code)