Section 37-5-119 - Surplus funds and annual reports(1) Any surplus funds in the treasury of the district may be used for retiring bonds, reducing the rate of assessment, or for accomplishing any other of the legitimate objects of the district.(2) At least once a year, or oftener if the court orders, the board of directors shall make a report to the court of its proceedings and an accounting of receipts and disbursements to that date, which shall be filed with the clerk of the court. Thereupon, the court shall order the auditing of said accounts by competent public accountants, who shall file their report thereon with the clerk of the court.L. 22: p. 63, § 57. C.L. § 9571. CSA: C. 138, § 182. CRS 53: § 30-5-19. C.R.S. 1963: § 29-5-19.