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



 



Revision Note



 



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