Sec. 31. (a) A person who holds bonds issued in anticipation of the collection of special assessments shall present the bonds for payment and arrange for the payment of interest with sufficient time before the maturity date or due date of the delinquencies so that the municipal fiscal officer has time to process the payment.

     (b) The bondholder shall file with the bonds a list setting forth the following for the bonds:

(1) The roll numbers.

(2) The series numbers.

(3) The face values or unpaid balances.

(4) The total presented for payment.

     (c) The municipal fiscal officer shall give a receipt to a bondholder presenting bonds for payment or receiving a payment of interest. The receipt holds the municipality responsible to the bondholders for the following:

(1) The unpaid principal of and interest on the bonds that were presented for payment.

(2) The unpaid balances of principal of and interest on those bonds.

As added by P.L.98-1993, SEC.8.