[§46-81] Reserve funds for payment of improvements.
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/hi/chapter-46/46-81A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§46-81] Reserve funds for payment of improvements. Any other law to the contrary notwithstanding, no county with a population of less than 100,000 persons shall impose or collect any ad valorem assessment to establish, maintain, or replenish a reserve fund. As used in this section, "reserve fund" means any fund established by a county to provide security, in addition to any special fund made up of moneys collected on account of assessments and interest for improvements, for the payment of principal and interest on bonds issued for such improvements where moneys in the special fund are insufficient for this purpose.
The provisions of this section shall not prevent any county from imposing or collecting an ad valorem assessment to establish, maintain, or replenish a reserve fund for an improvement by assessment district in existence on June 2, 1978. [L 1978, c 180, §1(1)]
Revision Note
"June 2, 1978" substituted for "the effective date of this section".