The city may for any special improvement district require that the special improvement district enter into a contract with the city whereby the special improvement district or on its behalf those people and property owners promoting the creation of such special improvement district place on deposit in the special improvement district revolving fund a sum of money which may be as great as the estimated receipts for the first year of special improvement taxes against such district. Such sum of money shall remain on deposit with the city during the entire period that the district has special improvement district taxes outstanding. The deposit shall bear interest at the rate of six percent per annum and the deposit with accumulated interest shall be refunded at the termination of the special improvement district taxes by payment to the persons then owning the property. For such purposes the person or persons responsible for payment of taxes upon such property shall be deemed the owner to receive such refund. (Ord. 399 § 2, 1981)