How special funds pay for improvement district bonds

Other Expenses.All monies collected on account of assessments and interest for any improvement or improvements after the issuance of any improvement district bonds, if any, for such improvement or improvements shall be kept by the Director of Finance in a special fund and applied solely to the payment of interest and principal of such improvement district bonds until such bonds have been paid.In the event that general obligation bonds shall be issued pursuant to Section 24-5.1(b) to pay the cost of any improvement or improvements or any surplus remains in such special fund after the payment of improvement district bonds chargeable against such fund or any premium shall be received on the sale of such improvement district bonds, all such monies collected on account of assessments and interest for any improvement or improvements or any such surplus or premium shall be credited to and become a part of a fund to be known as the "improvement district revolving fund." Moneys in the improvement district revolving fund shall be available to cover deficiencies in interest realized on account of diminishing balances of installments outstanding, to advance interest due on improvement district bonds outstanding prior to collection of annual assessments, to reimburse the general fund for principal and interest on general obligation bonds issued for assessable public improvements or issued to establish, maintain or replenish the special assessment revolving fund in the event the payment of assessments are late or insufficient, to reimburse the general fund for administrative cost and expenses relating to improvement district bonds, to pay all expenses in connection with the sale of delinquent improvement district lots, and to pay the prices of such delinquent lots as are bid for and purchased for the County by the Director of Finance, and the Director of Finance is authorized upon such purchase to transfer the proper amounts so bid to the proper special funds for the respective improvement district concerned.Advances for certain improvements, assessment, payments and land acquisition. Upon recommendation of the Director of Finance, the Council may by resolution authorize the Director of Finance to advance monies in the improvement district revolving fund for unpaid assessments for any improvement or improvements in lieu of the issuance of bonds where the aggregate of the assessment installments for all property owners in the improvement district is less than one thousand dollars ($1,000.00) for each year, for any unpaid amount of the first installment of the assessments where elections have been made to pay the assessments in installments and for any payment in connection with any improvement or improvements for which the issuance and sale of improvement district bonds or general obligations bond or disbursement from the special assessment revolving fund have been duly authorized. After adoption by the Council of the resolution creating, defining and establishing an improvement district pursuant to Section 24-3.4, the Council, upon recommendation of the Director of Finance, may by resolution authorize the Director of Finance to advance monies in the improvement district revolving fund for the cost of land acquisition for improvements pursuant to Section 24-3.2.