In the event that a political subdivision, pursuant to special or general act, has collected funds by way of front-foot assessments or per-parcel assessments to defray the cost of construction of sewer collection lines, these funds may be applied by the political subdivision to the maintenance, repair, and replacement of the lines as long as the following conditions are satisfied:
(1) the construction of all sewer collection lines for which the assessments were imposed and collected has been completed; and
(2) any obligations issued to finance the construction of the sewer collection lines have been discharged.