(A) Upon collection of reimbursement amounts pursuant to any special public improvement which is located in a municipal district and financed by assessments, including a community facilities district, such funds shall be deposited with the finance director. The funds shall be applied against the outstanding indebtedness for which bonds are to be or have been issued.

(B) Reimbursements for special improvements may be used in combination with any bond issue, permitted by law, provided that the bond issue question submitted to the qualified electors indicates that such reimbursements may be required of benefitted property owners. All amounts collected from the reimbursements shall be deposited in the appropriate bond fund from which the special public improvement project is financed. (Ord. 03-853, passed 8-11-2003; Am. Ord. 04-903, passed 6-14-2004)