Transfer of improvement district funds.

The governing body may transfer to the general fund of the municipality any money obtained from the levy of an assessment for an improvement district if: A. bonds or assignable certificates were issued to finance the improvement; B. the proceeds of the bonds or assignable certificates were spent for the improvement; C. the assessments were levied and collected for the payment of the bonds or assignable certificates; and D. either the bondholders or assignable certificate holders are barred by the statute of limitations or a court judgment or decree from collecting the indebtedness; or E. the bonded indebtedness or assignable certificates have been paid.