Sec. 97. (a) A bond redemption fund is established for each construction or reconstruction project for which the board authorizes the sale of bonds. The fund consists of all assessments paid by the owners assessed as benefited by the construction or reconstruction, and may be used only to redeem:
(1) the bonds issued to finance the construction or reconstruction; or
(2) any installment note given in lieu of bonds.
(b) The county auditor shall maintain a separate ledger sheet for all assessments to be received into each bond redemption fund.