§ 14-168-321 — Excess funds

(a) Moneys received in the special fund of the district in excess of amounts needed to pay project costs may be used only by the local governing body for the redemption of outstanding bonds, notes, or other evidences of indebtedness issued by the redevelopment district or for distribution to any taxing unit in such amounts as may be determined by the local governing body. (b) Upon termination of the district, all amounts in the special fund of the district may be used by the local governing body for any lawful purpose.

Legislative History

Acts 2001, No. 1197, § 22; 2005, No. 2231, § 6.