After the principal and interest on the bonds secured by a first mortgage or deed of trust on an improvement as provided in this chapter have been fully paid, as the governing body of the municipality or the respective governing bodies of the municipalities may direct by resolution, the revenues of such utility and improvement set apart for the payment of such bonds may be: 1. Used for the repair, improvement, or extension of such utility or improvement; 2. Credited to the interest and sinking fund established for the retirement and payment of the general liability bonds; or 3. Transferred to the general fund.
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