204.670. Funds required.

MISSOURI STATUTES AND CODES

Funds required.

204.670. A separate fund or account shall be created by the districtfor each improvement project, and each such fund or account shall beidentified by a suitable title. The proceeds from the sale of bonds andtemporary notes and any other moneys appropriated thereto by the governingbody of the district shall be credited to such funds or accounts. Suchfunds or accounts shall be used solely to pay the costs incurred in makingeach respective improvement. Upon completion of an improvement, thebalance remaining in the fund or account established for such improvement,if any, may be held as contingent funds for future improvements or may becredited against the amount of the original assessment of each parcel ofproperty, on a pro rata basis based on the amount of the originalassessment, and with respect to property owners that have prepaid theirassessments in accordance with sections 204.650 to 204.672, the amount ofeach such credit shall be refunded to the appropriate property owner. Withrespect to all other property owners, the amount of each such credit shallbe transferred and credited to the district bond and interest fund to beused solely to pay the principal of and interest on the bonds or temporarynotes, and the assessments shall be reduced accordingly by the amount ofsuch credit.