All moneys received on any special assessment shall be held by the treasurer as a
special fund to be applied only to the payment of the improvement, or bonds and vouchers
issued therefor, together with interest thereon, for which the assessment was made,
and said money shall be used for no other purpose, unless to reimburse the village
for money expended for such improvement. Payments on bonds or vouchers shall be made
in accordance with the statutes and the law and the treasurer shall keep his books
and accounts in such a manner so that proper prorations in payments of principal and
interest can be ascertained and made.
(Code 1959, ch. 1, art. VII; Code 1979, § 2-52)
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