Notwithstanding any other statute, a municipality may by ordinance transfer the surplus Barrett Law account money to the general fund or general improvement fund of the municipality if the following conditions are met:

1. (1) The municipality:

   1. (A) has money in the surplus Barrett Law account;
   2. (B) has established a general improvement fund under IC 36-9-17 or a similar statute; and
   3. (C) no longer uses the Barrett Law for public improvements.
2. (2) There are no obligations or potential obligations arising out of the operation of the Barrett Law for which the surplus Barrett Law account money was accumulated or may be used.
3. (3) Notice of intention to transfer the surplus Barrett Law account money to the general fund or general improvement fund has been published in accordance with IC 5-3-1 .

As added by P.L.98-1993, SEC.8.