(1) The district treasurer shall deposit all money arising from the sale of refunding bonds, and sufficient money arising from assessment and levy to meet the next installment of principal and interest on the bonds of the district, in a bond fund separate from its general fund. From the bond fund the treasurer shall pay the principal on bonds as they mature and the interest when the coupons are presented.

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(2) Except as otherwise provided by subsection (1) of this section, all money received by the district, including money from the sale of bonds other than refunding bonds and for the construction and acquisition of works, shall be credited to a general fund. The district treasurer shall use the general fund to pay all obligations of the district other than those described by subsection (1) of this section. [1969 c.694 § 38; 2001 c.215 § 28]

WITHDRAWAL