10-130.   Redemption of bonds and payment of interest thereon; duties of treasurers;requests for money to county treasurers; failure to pay bond moneys;penalty.(a) The treasurer of each municipalityshall remit to the state fiscalagent at least 20 days before the day of maturity of any bonds or the interestthereon, payable at the office of the state treasurer as fiscal agent,sufficient moneys for the redemption of such bonds and the payment of theinterest thereon. The treasurer of any municipality, in lieu of remittingsuch moneys to the state fiscal agent at such time, may provide the statefiscal agent with a certificate of a state or national bank or state orfederally chartered savings and loan association that there areon deposit in such bank or savings and loan association, held in trustfor such state fiscal agent, fundsin the form of cash or securities of the United States government, sufficientfor the redemption of such bonds or the payment of the interest thereon,and that such funds will either reach the office of the state fiscal agenton orbefore 12 o'clock noon of the third workingday before the day of maturity of such bonds or the interest thereon orreach the office of the state fiscal agent on or before 12 o'clock noon of thefirst working day before the day of maturity of such bonds or the interestthereon, if such funds are transferred to the state fiscal agentelectronically. Uponreceipt of such certificate, the state fiscal agent shall filethe same in the office of the state fiscal agent.

      (b)   When a municipality needs moneys that are in the county treasury toredeem any bonds or to pay the interest thereon, the treasurer of suchmunicipalityshall make awritten request of the county treasurer for the amount needed not laterthan 25 days prior to the maturity date of the bonds or the interest thereon.Not later than two days following the receipt of such requestthe county treasurer shall forward to the treasurer of the municipality theamount requested, if the county treasurer has collected the same for suchpurpose. Ifthe full amount of such a request is not in the county treasury, the countytreasurer shall forward that portion that is in the county treasurer'spossessionfor such purpose.

      (c)   When a county treasurer is charged with the collection of tax moneysfor a municipality, the territory of which is in more than one county, suchtreasurer shall forward any such funds when collected to the proper countytreasurer as soon as practical, or not later than two days followingreceipt of a request from the county treasurer to whom they are to be forwarded.

      (d)   Failure to pay bond moneys when due is any of the following:

      (1)   Failure of a county treasurer to forward moneys in the countytreasury when requested as provided in this section, or

      (2)   failure of the treasurer of a municipality or any county treasurerto make timely request for moneys as provided in this section, or

      (3)   failure of the treasurer of a municipality to make timely remittanceof moneys for redemption of bonds or to pay the interest thereon, when such moneys areavailable for such remittance.

      Failure to pay bond or interest moneys when due is a class C misdemeanor.

      History:   L. 1941, ch. 101, § 3; L. 1963, ch. 66, § 1; L. 1969,ch. 64, § 1; L. 1971, ch. 37, § 1; L. 1974, ch. 45, §8; L. 1983, ch. 52, § 1; L. 1983, ch. 49, § 29; L. 1984, ch. 53, § 1;L. 1992, ch. 66, § 1; July 1.