§ 1.23.080. PROCEEDS - PREMIUMS AND ACCRUED INTEREST - PRICE - USE OF SURPLUS.

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All premiums and accrued interest received on sale shall be placed in the fund to be used for the payment of principal of and interest on the bonds, and the remainder of the proceeds of the bonds shall be placed in the treasury to the credit of the proper improvement fund and applied exclusively to the purpose and object recited in the resolution of issuance; provided, however, that when said purpose and object has been accomplished any moneys remaining in such improvement fund shall be transferred to the general fund. (Ord. 4741 § 1 (part); July 29, 1986.)

                    
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