Upon the sale of such bonds and notes, the premium and the accrued interest and the amount for interest, if any, shall be paid into the Sinking Fund. The par value realized from the sale except the amount, if any, for interest shall be placed in the City Treasurer or, pursuant to the ordinance authorizing such bonds or notes, deposited with a trustee, fiscal agent or escrow agent, to the credit of the bond fund for the purpose for which issued, specified in the ordinance authorizing such bonds or notes. The amount shall be deemed appropriated for the purpose for which bonds or notes have been issued and sold, and shall be disbursed from the Fund upon proper vouchers in payment of the purpose.
(Ord. No. 1748-80. Passed 10-8-80, eff. 10-8-80)