[§46-81]  Reserve funds for payment ofimprovements.  Any other law to the contrary notwithstanding, no countywith a population of less than 100,000 persons shall impose or collect any advalorem assessment to establish, maintain, or replenish a reserve fund.  Asused in this section, "reserve fund" means any fund established by acounty to provide security, in addition to any special fund made up of moneyscollected on account of assessments and interest for improvements, for thepayment of principal and interest on bonds issued for such improvements wheremoneys in the special fund are insufficient for this purpose.  The provisionsof this section shall not prevent any county from imposing or collecting an advalorem assessment to establish, maintain, or replenish a reserve fund for animprovement by assessment district in existence on June 2, 1978. [L 1978,c 180, §1(1)]

 

Revision Note

 

  "June 2, 1978" substituted for "theeffective date of this section".