14-532 Street improvements; bonds; special assessment sinking fund; investment; special use. - Nebraska Statutes

14-532. Street improvements; bonds; special assessment sinking fund; investment; special use.The avails and proceeds of the special assessment sinking fund may, when not required for any of the purposes heretofore specified in section 14-530, be temporarily invested in securities of the United States Government, State of Nebraska, Douglas County, metropolitan city, school district of such city, or publicly owned and operated municipal utilities thereof; but all such investments shall be made so as to be closed out and realized upon whenever the proceeds so invested are needed for the purpose specified in said section. The proceeds of the special assessment sinking fund, insofar as required, may be used to complete the work under a contract where the contractor fails or refuses to perform such work. SourceLaws 1921, c. 116, art. IV, § 23, p. 481; C.S.1922, § 3649; C.S.1929, § 14-526; R.S.1943, § 14-532.