There is hereby created a Sinking Fund for the payment of Permanent Improvement Revolving Fund bonds. There shall be paid into such Sinking Fund all proceeds of special assessments levied for improvements financed by monies provided from said fund, when and as the same are collected. There shall also be paid into the Sinking Fund ad valorem taxes for payment of the share of the costs of a particular improvement not covered by special assessments. Additional ad valorem taxes shall be levied by the Council if required to meet maturing principal and interest on said bonds.
(1958 Code, § 83.04) (Ord. 32, passed 6-26-1961)