Section 3-33-26 - Improvement district; additional duties imposed on municipality.
3-33-26. Improvement district; additional duties imposed on municipality.
A. Whenever an improvement district has been created and bonds or assignable certificates have been issued to finance the improvement, a municipality shall:
(1) act as agent for the collection of the assessments;
(2) collect the assessments when due;
(3) act as trustee for the benefit of the holders of the bonds or assignable certificates;
(4) annually prepare a statement that shall:
(a) be available for inspection in the office of the municipal treasurer;
(b) reflect the financial condition of the improvement district; and
(c) list all the delinquencies existing at that time; and
(5) institute proceedings to foreclose the assessment lien against any tract or parcel of land that is delinquent in the payment of the assessment or installment of an assessment for a period of more than one year.
B. If more than one improvement district is created, the money from assessments in each district shall be kept in a separate fund and used for the payment of principal and interest of the bonds or assignable certificates outstanding against that improvement district.