Monies for the establishment and operation of the Permanent Improvement Revolving Fund or for increases in monies required for the operation of such fund shall be provided by issuing negotiable coupon Permanent Improvement Revolving Fund bonds pledging the full faith and credit of the city. Such bonds shall be issued from time to time in regular numbered series in such amounts, with such maturities and such provisions as to interest rate and manner and time of payment as the Council shall hereafter determine. There shall be pledged to the payment of such bonds all monies collected from special assessments for improvements to be financed thereby and from any public conveniences financed thereby. Prior to the issuance of any bonds, the City Manager shall submit to the Council a statement showing the following:
(1) The amount of cash presently available in the Permanent Improvement Revolving Fund;
(2) The amount estimated to be required to pay costs of projects for which contracts have been signed;
(3) The additional amount necessary to be provided in the Permanent Improvement Revolving Fund;
(4) The amount of anticipated collections of special assessments for projects as to which contracts have been signed and which have not been theretofore pledged for payment of bonds; and
(5) The anticipated amount available from net revenues of any public conveniences to be financed out of the Fund, which revenues have not been theretofore pledged.
(1958 Code, § 83.03) (Ord. 32, passed 6-26-1961)