§ 15-6-437 — Bonds; revolving fund authorized; source of monies; limitation

If the governing body determines that improvements constructed
in any local improvement district confer general benefits on the
city or town, it may create concurrently a fund to be known as
the revolving local improvement fund. In payment for those
benefits and to meet the financial requirements of the revolving
fund, the city or town shall advance annually to the credit of
the fund from the proceeds of city or state gasoline or state
cigarette license taxes collected or received by it, a sum of
not less than two percent (2%) of the total amount of the bonds
issued for the local improvement district for a period of ten
(10) years or for the length of time necessary to pay all bonds
issued, whichever is the shorter. The fund shall not exceed
twenty percent (20%) of the outstanding bond obligations of the
district.