Sec. 40. (a) If:
(1) all or part of any money collected as nonwaivered special assessments for public improvements has been in the possession of the municipal fiscal officer for at least five (5) years; and
(2) a demand for the money has not been made by a party entitled to the money within one (1) year preceding the end of the five (5) year period;
the municipal fiscal officer shall prepare a detailed list of the unclaimed money.
(b) The fiscal officer shall then give notice of the list by publication in the manner prescribed by section 39 of this chapter.
(c) At the expiration of the thirty (30) day redemption period provided by section 39 of this chapter, the municipal fiscal officer shall transfer and pay all of the unclaimed money into the general fund of the municipality. Money transferred under this subsection may be used and expended in the same manner as other money in the general fund is used and expended.
As added by P.L.98-1993, SEC.8.
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