In a fund called the “Resort Improvement District General Fund,” the treasurer shall place and keep the money levied by the board for that fund.
Chapter 10Funds
Section § 13170
This law section states that the treasurer is responsible for placing and maintaining the money collected by the board into a specific fund called the 'Resort Improvement District General Fund.'
Resort Improvement District General Fund treasurer responsibilities money management fund maintenance board levy district funds financial management public funds fund allocation
Section § 13171
This law section explains that the money received from selling revenue bonds, general obligation bonds, or from special assessments collected by the board must be deposited with the treasurer. This money is then placed into a specific fund named the 'Resort Improvement District Construction Fund No. ____', with a number inserted to identify the fund.
The proceeds of the sale of revenue bonds or general obligation bonds or proceeds of special assessments levied by the board shall be deposited with the treasurer and shall be placed in a fund to be called the “Resort Improvement District Construction Fund No. ____” (inserting number).
revenue bonds general obligation bonds special assessments treasurer Resort Improvement District Construction Fund sale proceeds board levy fund deposit money management financial oversight district construction fund identification
Section § 13172
Money from a construction fund must be spent on the projects or purposes that were outlined when the bonds were approved or mentioned in the assessment proceedings. It can also be used to pay back loans taken out to fund improvements before bonds were issued or assessments were made.
The money in any construction fund shall be used for the purpose indicated in the resolution calling the election upon the question of the issuance of bonds, or for the purpose described in the resolution of intention in the assessment proceedings, or for repayment of money borrowed for the purpose of financing the improvement for which bonds were subsequently issued or the assessment levied.
construction fund bond issuance resolution calling election assessment proceedings repayment of loans financing improvements bonds assessment levy construction projects debt repayment election resolution improvement financing borrowed money fund allocation project funding
Section § 13173
This law allows bond money to be used not only for covering interest and working capital during construction and for up to a year after, but also for paying expenses related to getting the bonds approved and issued. This includes paying for legal and engineering services, among other costs.
The bond moneys may also be used for interest and working capital for the period of construction and for twelve (12) months thereafter, and also to pay the costs of their authorization and issuance including fees for legal, engineering, fiscal, economic or other service.
bond money construction period working capital interest payments authorization costs issuance costs legal fees engineering services fiscal services economic services post-construction expenses bond approval bond issuance bond-related expenses financial planning
Section § 13174
This law allows the board to move extra money from a construction project fund to another district fund if they've officially decided it's not needed for the project. The transferred money can then be used for any lawful purpose within the district.
Any money in the construction fund determined by resolution of the board to be in excess of the amounts required for completion of the improvement authorized may, by the resolution so determining, be transferred to any other fund of the district and be used for any lawful purpose.
construction fund excess funds fund transfer district board resolution unused construction money lawful purpose completion of improvement reallocation of resources project budget surplus district funds financial management public project finance board decision on funds resource allocation
Section § 13175
This law states that any money collected or levied specifically for a Resort Improvement District Bond Fund must be kept in a special fund named 'Resort Improvement District Bond Fund' followed by the appropriate series number by the treasurer.
In a fund called the “Resort Improvement District Bond Fund ____” (inserting series number), the treasurer shall keep money levied or collected for that fund.
Resort Improvement District Bond Fund series number treasurer responsibilities money collected money levied fund management district bonds financial oversight public funds special fund treasury municipal finance local bonds fund allocation
Section § 13176
This section states that money in a bond fund must only be used to pay off the principal and interest of the district's bonds or to pay back borrowed money that was used for this purpose. Once the bonds are fully paid, the money can then be moved to other funds.
No part of the money belonging in the bond fund may be transferred to any other fund or be used for any purpose other than the payment of principal and interest of the bonds of the district, or for repayment of money borrowed for the purpose of paying the principal and interest of the bonds of the district, until said bonds are fully paid, at which time it may be transferred to any other fund.
bond fund principal and interest payment district bonds repayment fund transfer fully paid bonds borrowing financial management restricted use of funds bond repayment
