Treasurer to keep separate accounts of funds arising from assessments; proceeds not to be diverted; disposition of surplus; payment of contractors and reimbursement of general funds of City of amounts borrowed.
Memphis Charter, art. 53, § 516
in effectSec. 516. - Treasurer to keep separate accounts of funds arising from assessments; proceeds not to be diverted; disposition of surplus; payment of contractors and reimbursement of general funds of City of amounts borrowed.
It shall be the duty of the treasurer (or tax receiver) of such municipality to keep an accurate account of all funds arising from all assessments for public improvements under this Act, and to carefully and accurately keep a separate account of the funds arising from the collection of assessments for each particular improvement, and no proceeds arising from assessments levied for one improvement shall be diverted to the payment of the certificates issued for any other improvement or to the payment of any other indebtedness of such municipality; provided, however, that if at any time the account of any particular fund shall exceed the amount of any outstanding certificates and interest entitled to payment out of such fund after the payment of any sum that such municipality may have advanced or borrowed for the purpose of constructing said improvement, the legislative body of said municipality shall apply such surplus to the redemption of certificates issued for such improvements as hereinbefore provided, and all certificates so redeemed shall be cancelled; provided, further, that said legislative body shall have the power after the expiration of sixty days from the date of the final assessment for any improvement, if no certificates of indebtedness for said improvement have been issued and sold, to order the payment out of the proper fund to the contractor who constructed the improvement of all or any part of the assessment for said improvement previously collected, or to reimburse from said collection the general funds of the City to the extent of any money advanced out of the general fund or borrowed to pay the cost of said improvements, and to issue and sell certificates as hereinbefore provided, either to the contractor in full settlement or to others, to an amount not exceeding the balance due the contractor and the general fund of the City or borrowed for such purpose.
(Acts 1907, ch. 341, § 10)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/charter?nodeId=PTICHRELA_ART53STIMUNFRFOASLA_S516TRKESEACFUARASPRNOBEDIDISUPACOREGEFUAMBOFetched: 10/28/2026