§ 15-6-438 — Bonds; transfer to and between funds

The city or town shall withdraw annually from the revolving fund
and deposit in the local improvement district fund sufficient
money to meet the difference between the principal amount of
assessments due that year and the amount of assessments actually
collected that year. Delinquent assessments shall remain liens
upon the property assessed, and if they are enforced or
foreclosed, the proceeds of the sales or other payments
discharging the delinquencies shall revert to the revolving fund
in repayment of the amounts advanced. If there is money in the
local improvement fund which is not required for the payment of
any bond or interest of the local improvement fund, and after
all bonds and interest have been fully paid, the money remaining
in the local improvement fund, by order of the governing body,
shall be transferred to the revolving fund for disposition as
the governing body may determine.