Where all outstanding bonds of a special or local improvements district have been paid and any monies remain to the credit of the district, they shall be transferred to a special surplus and deficiency fund, and whenever there is a deficiency in any special or local improvement district fund to meet the payment of outstanding bonds and interest due thereon, the deficiency may, if provided in the ordinance authorizing such outstanding bonds, be paid out of said surplus and deficiency fund. Monies deposited in the special surplus and deficiency fund may be transferred by ordinance to the capital improvements fund or to any special or local improvement district fund for the purpose of financing, acquiring or constructing such improvements as the city is authorized by state and local law to finance, construct, or acquire in such districts. No such transfer, however, shall be made while any special and local improvement district bonds secured by the special surplus and deficiency fund remain outstanding and not defeased on the date of the transfer. Whenever a special or local improvement district has paid and canceled three-fourths of its bonds issued, and for any reason the remaining assessments are not paid in time to take up the remaining bonds of the district and interest due thereon, and there is not sufficient money in the special surplus and deficiency fund, then the city may, if provided in the ordinance authorizing such outstanding bonds, pay the bonds when due and interest due thereon and reimburse itself by collecting the unpaid assessments due the district. (Ord. No. 95-41, § 1, 7-31-1995; Ord. No. 95-42, § 1, 7-31-1995)