10-7-18. Disposition of money received.
(1) All money received from the sale of property under Sections 10-7-15 through 10-7-17
shall be kept in a separate fund, and shall not be expended, or mixed with other funds of the city
or town, until all bonds and other indebtedness issued for the purchase or construction of the plant
or works, together with accumulated interest thereon, have first been paid.
(2) If the property sold brings an amount in excess of the outstanding bonds and other
indebtedness issued for the purchase or construction of the property sold, the excess shall be
deposited in a bank in this state under direction of the municipal legislative body, and may not
thereafter be expended except for some municipal purpose by authority given by the registered
voters of the city or town at a general or special election called and conducted in the manner set
forth in Sections 10-7-7 and 10-7-8.
Amended by Chapter 90, 2002 General Session
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Last revised: Thursday, May 28, 2009