(1) Receive the payment of assessment installments.

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     (b) Proceeds arising from assessments for the payment of a particular improvement may not be diverted to the payment of any other improvement.

     (c) The proceeds from assessments for the payment of a particular improvement constitute a separate special fund for the following:

(1) The payment of contractors for the particular work, upon the allowance of estimates by the works board.

(2) The security and payment of any bonds issued in anticipation of the collection of the assessments for the improvement, including debt service reserves to secure the payment of the bonds.

(3) The payment of expenses incurred by the unit in performing the unit’s duties under this chapter, IC 36-9-37, IC 36-9-38, and IC 36-9-39 (or under IC 36-9-18 through IC 36-9-21, before the repeal of those provisions in 1993), including expenses, duties, and costs associated with the issuance, sale, or payment of the bonds.

As added by P.L.98-1993, SEC.7.