The ordinance creating any local improvement district shall also create a special
fund to be called "Local Improvement Fund, District No. _____," into which shall be
placed all sums from any source intended for use in the prosecution of the work contemplated
by such ordinance and, when the assessment roll has been confirmed, all sums paid
on account of such assessment, including all interest and penalty thereon, and in
the event of sale of bonds by the City, all proceeds of sale and all premiums and
accrued interest on bonds issued for such improvement. The moneys in such local improvement
district fund derived from assessments shall be used for no other purpose than the
redemption of warrants drawn upon and bonds issued against the fund to provide payment
for the cost and expense of the improvement. Provided, that if the fund is solvent
at the time payment is ordered, the Director of Finance and Administrative Services
may elect to make payment for the cost and expense of the improvement by check.
