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; and2. The funds obtained by the bonds were spent for the improvement; and3. The assessments were levied and collected for the payment of the bonds; and4. Either the bondholders are barred by the statute of limitations or a court judgment or decree from collecting the indebtedness; or5. The bonded indebtedness has been paid.Added by Laws 1978, c. 233, § 14, emerg. eff. April 25, 1978.
Oklahoma Legal Code