13-10,140.   Establishment of special improvement fund by certaincities; amount; expenditures, purposes, conditions and limitations; certainmoneys may be credited to fund.Any city having a commission form of government and a population of morethan one hundred fifty thousand (150,000) and less than two hundredthousand (200,000) may, by ordinance, establish a special improvement fundin the city treasury, of not to exceed five hundred thousand dollars($500,000). Such fund shall be used to pay the preliminary cost of anyimprovement to be financed under a special assessment law or to be financedby general obligation bonds. Such preliminary costs shall include planning,engineering or architect fees and the initial cost of such improvementswhen ordered by the governing body of the city and until temporary notes,improvement bonds or general obligation bonds have been issued and sold:Provided, That such fund shall be reimbursed from the proceeds of suchtemporary notes, improvement bonds or general obligation bonds.

      Such fund need not be budgeted for expenditures during any year, but theamount thereof shall be stated in the public budget of expenditures. Allgrants-in-aid or contributions made to the city for planning andpreparation of plans for improvements to be financed, or partiallyfinanced, by special assessment bonds or general obligation bonds may becredited to the special improvement fund, and the amount of such aid orcontribution shall be in addition to the amount of such fund otherwiselimited by this section: Provided, That where an election is requiredto authorize the issuance of bonds by the city, no expenditures shall bemade from the special improvement fund until the city has held an electionand been authorized to issue bonds; and where bonds may be issued withoutan election, no expenditures shall be made from this fund until the properproceedings have been taken to initiate and authorize the bonds.

      History:   L. 1971, ch. 56, § 1; July 1.