Upon designation of the Escrow Agent pursuant to Section 179.02, the Sinking Fund Commission shall transfer to and deposit with the Escrow Agent all moneys and investments held in the Sinking Fund or in any other fund of the City for the payment of debt charges on Voted Obligations, Unvoted Tax Supported Obligations, and Unvoted Self-Supporting Obligations, and shall direct that such moneys and investments be credited to the following accounts:
(a) All such moneys and investments derived from collections of ad valorem property taxes levied outside the ten-mill limitation for the then current budget year shall be credited to the Voted Obligations Account;
(b) All such moneys and investments derived from collection of ad valorem property taxes within the ten-mill limitation for the then current budget year shall be credited to the Unvoted Tax Supported Obligations Account;
(c) All such moneys and investments held for the payment of debt charges on voted Self-Supporting Obligations shall be credited to the Voted Obligations Account;
(d) All such moneys and investments held for the payment of debt charges on Unvoted Self-Supporting Obligations shall be credited to the Unvoted Self- Supporting Obligations Account; and
(e) All such moneys and investment which represent the proceeds of renewal notes or bonds or refunding bonds, special assessments, or other moneys to be applied to the payment of debt charges on unvoted general obligation bonds, and notes issued in anticipation of such bonds, shall be credited to the Unvoted Bond and Note Redemption Account.
Upon the designation of any successor Escrow Agent pursuant to Section 179.02, the moneys and investments of the Sinking Fund, including each such account, shall be transferred promptly to such Successor Escrow Agent.
(Ord. No. 944-96. Passed 6-10-96, eff. 6-19-96)