If the finance officer of a municipality states:
A. the manner in which a utility account or any unsecured account has been incurred;
B. the efforts made to collect the utility account or unsecured account and to locate the debtor;
C. that the utility account or unsecured account has been uncollectable for a period of more than four years; and
D. that in his opinion the utility account or unsecured account is uncollectable, the governing body of a municipality may, by resolution, remove the uncollectable utility account or unsecured account from the list of accounts receivable of the municipality.