§ 2-163. Tax for payment of bonds, etc.; sinking fund; refunding prior to maturity.
Latest version.
The City Council is further authorized and empowered to levy a sufficient tax upon
all real and personal property within the corporate limits of the City each year to
pay annual interest and the principal of such bonds, besides all expenses of assessing
and collecting the same, which amount of principal so raised by taxation, and the
interest accruing thereon, when collected shall be and remain a sinking fund to pay
such bonds; and the same, together with interest thereon shall be invested by the
POD as required by law or City Council, or shall be deposited in the depositories
where such bonds are payable, which such deposits in such institutions shall be secured
by negotiable interest bearing bonds of the United States government, surety company
bonds, for the full amount of such deposits, or shall be used to retire bonds of the
same issue for which the sinking fund is provided, and no other; and when such levy
shall have been made the same shall continue in force until the whole amount of principal
and interest shall have been fully paid.
