3.90.060 LID funds.
A. Each LID of the borough shall be given a number in the ordinance creating the district and each such ordinance shall create a special assessment fund number within the general account. Into the fund shall be paid all receipts pertaining to the LID including but not limited to transfers from the borough lands account, and assessments as paid.
B. The fund shall be drawn upon for the purpose of paying construction costs of the LID and any other costs of the project.
1. If special assessment bonds have been issued in support of the improvements, then all accrued interest received from property owners shall be subject to the bond guaranty account requirements in HBC 3.90.270.
2. If special assessment bonds are not involved, all interest accrued shall be deposited in the special assessment fund for that LID. After the project has been completed and all related expenses have been paid, then any remaining accrued interest (a) may be retained in that LID fund and be used toward maintenance costs, or (b) may be transferred to the income account of the borough permanent fund.