12-17,148. Same; fund of the district.
12-17,148
12-17,148. Same; fund of the district.
A separate fund shall be created for each district and each
project and such fund shall be identified by a suitable title. The proceeds
from the sale of bonds, any special assessment and transportation
development district sales tax authorized, levied and collected under this
act by the municipality
and any other moneys appropriated by the governing body
for such purpose shall be credited to such fund. Such fund shall be used solely
to pay the costs of the project. Upon payment of the principal and interest on
the bonds, if any, the municipality shall have the authority to spend any
moneys remaining in the fund for the purposes for which local sales tax
receipts may be spent.
History: L. 2003, ch. 120, § 12;
L. 2009, ch. 54, § 6; July 1.