The governing body may transfer to the general fund of the city any money obtained from the levy of an assessment for a district if: 1. Bonds were issued to finance the improvement; and 2. The funds obtained by the bonds were spent for the improvement; and 3. The assessments were levied and collected for the payment of the bonds; and 4. Either the bondholders are barred by the statute of limitations or a court judgment or decree from collecting the indebtedness; or 5. The bonded indebtedness has been paid.
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