10-7-18 - Disposition of money received.
10-7-18. Disposition of money received.
(1) All money received from the sale of property under Sections 10-7-15 through 10-7-17shall be kept in a separate fund, and may not be expended, or mixed with other funds of the cityor town, until all bonds and other indebtedness issued for the purchase or construction of theplant or works, together with accumulated interest thereon, have first been paid.
(2) If the property sold brings an amount in excess of the outstanding bonds and otherindebtedness issued for the purchase or construction of the property sold, the excess shall bedeposited in a bank in this state under direction of the municipal legislative body, and may notthereafter be expended except for some municipal purpose by authority given by the registeredvoters of the city or town at a general or special election called and conducted in the manner setforth in Sections 10-7-7 and 10-7-8.
Amended by Chapter 378, 2010 General Session