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The municipal fund of urban authority.
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15.—(1) An urban authority shall establish and maintain a fund to be known as the municipal fund.
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(2) A sinking fund or any other fund (not being a voluntary civic improvement fund) to meet a future or prospective liability which an urban authority is required by or under statute to maintain shall be maintained out of the municipal fund.
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(3) A fund which was maintained by an urban authority immediately before the commencement of this section and which was neither a sinking fund nor other fund to meet a future or prospective liability which the urban authority was required by or under statute to maintain nor a voluntary civic improvement fund shall cease to be maintained and—
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(a) if any moneys were standing to the credit of the fund immediately before such commencement, they shall be paid into the municipal fund, and
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(b) if any liability stood attached to the fund immediately before such commencement, it shall attach to and be discharged out of the municipal fund.
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