Section 21-33-557 - Use of proceeds of special assessments levied on real property located in districts(1) The proceeds of any special assessment levied on real property located within a special local improvement assessment district under Section 21-33-553 may be used to pay costs including administrative costs of and relating to exercising the powers set forth in Section 21-33-555. The municipality shall hold the proceeds of the special assessment until disbursing the proceeds to the homeowners' association representing the area in a district created under Section 21-33-553. A homeowners' association shall keep the proceeds of such assessment separate and apart from other funds of the association. Accounting for receipts and expenditures of proceeds from the assessment shall be made separately and apart from the accounting of receipts and expenditures of the homeowners' association for other funds of the district. The homeowners' association shall have its books and records audited annually by an independent certified public accountant and shall file a written report of the audit with the clerk of the municipality. The clerk of the municipality shall make the report of the audit available for public review. A special local improvement assessment district shall operate on the same fiscal year as the municipality.(2) Any homeowners' association whose area of coverage is an operating special assessment local improvement assessment district shall post online notice of its annual meeting. At each annual meeting, the homeowners' association shall provide an update regarding the status and use of the monies collected under the special assessment imposed pursuant to Sections 21-33-551 through 21-33-561 and shall hold elections for officers and board members. Upon dissolution of the special local improvement assessment district under Section 21-33-555(2), the term of service of the homeowners' association officers and board members shall resume the length specified in the bylaws of the homeowners' association.(3) Nothing in this section shall prevent the use of such special assessment for the purpose of planning and design of local improvements for any property located within a district and the coordination of landscape design on different parcels of property.Amended by Laws, 2019, ch. 437, HB 1612,§ 4, eff. 7/1/2019.