There is created a local improvement district revolving fund of the city and borough which shall be used for the purpose of:
A. 
Financing the property owners’ share of the cost of improvements of an L.I.D., not available from other moneys of the municipality or where the sale of special assessment bonds is not feasible;
B. 
Finance the municipal share of the cost of improvements of an L.I.D. not available from other moneys of the municipality;
C. 
Making payments into the guaranty fund;
D. 
One hundred twenty-five thousand dollars in general obligation bonds were issued on May 1, 1967, to finance the municipal share of L.I.D.’s and to make payments into the guaranty fund. In order to safeguard the use of these funds, the amount of money in the revolving fund, plus that due it from other funds for the municipal share of L.I.D.’s and from the guaranty fund for any loans made to it, shall not be allowed to fall below $125,000.
(S.G.C. 17.32.010; S.C.C. 3-9-47; Ord. 74-155 § 3(a), 1974)
Moneys to be paid into this revolving fund may be provided from general taxes, from the sale of general obligation bonds of the city and borough, or from any other legal sources as determined by the assembly.
As provided in SGC § 17.20.080, if special assessment district bonds have not been issued, all moneys remaining in any L.I.D. fund after all costs of improvements in such district including the redemption of all warrants and bonds of such district have been paid shall also be paid into the revolving fund.
(S.C.C. 3-9-48; S.G.C. 17.32.020)
A. 
When any disbursements are made from the revolving fund to pay the property owners’ portion of the cost of improvements in any L.I.D., any assessments paid by owners in such L.I.D. shall be repaid to the revolving fund to the extent of moneys disbursed by such fund to such L.I.D.
B. 
When any disbursements are made from the revolving fund to pay the municipality’s portion of the cost of improvements in any L.I.D., the appropriate fund shall repay the revolving fund in equal installments over a period of years not to exceed the number of years allowed the property owners to repay their portion of the costs.
C. 
When any disbursements are made from the revolving fund into the guaranty fund, as the amount of outstanding bonds issued for that L.I.D. are reduced, the revolving fund shall be repaid proportionately.
(S.G.C. 17.32.030; S.C.C. 3-9-49; Ord. 74-155 § 3(b), 1974)