§ 40-26-08 — Municipality liable generally for deficiencies in special improvement fund

Whenever all special assessments and all utility revenues and taxes, if any, appropriated
and theretofore collected for a special improvement, made under authority of any law
authorizing the payment of the cost thereof in whole or in part from special assessments, are
insufficient to pay principal or interest then due on the special improvement warrants issued
against such improvement, the governing body shall levy a tax upon all of the taxable property
in the municipality for the payment of such deficiency. If at any time a deficiency is likely to occur
within one year in such special improvement fund for the payment of principal and interest due
on such warrants, the governing body, in its discretion, may levy a general tax upon all the
taxable property in the municipality for the payment of such deficiency. This section applies to
any deficiency in a special improvement fund, including a sewer and water connections
assessment fund under chapter 40-28, sidewalk special fund under chapter 40-29, curbing
special fund under chapter 40-31, and boulevard special fund under chapter 40-32. In case a
balance remains unexpended in a special improvement fund after the payment of all warrants
drawn thereon with interest, it shall be paid over or transferred to the general fund of the
municipality.