The bond ordinance shall make provision for the payment of bonds, both principal and interest until maturity, by the levy of a direct annual tax upon all the taxable property within the city sufficient for this purpose. A copy of the bond ordinance, as adopted, certified by the city clerk, shall be filed in the office of the county clerk of the county within which any part of the city may be situated. The bond ordinance, as so filed, shall constitute the authority for the county clerk in and for each of the years for which taxes are levied in the bond ordinance, to extend taxes for collection against all the taxable property situated within the city. The taxes so levied for the payment of principal of and interest on the bonds shall be extended annually by the county clerk without limitation as to rate or amount and the taxes shall be in addition to and in excess of all other taxes levied or authorized to be levied by the city. Except as provided, the taxes so levied shall not be subject to repeal or abatement in any manner whatsoever until such time as all the bonds authorized and issued under the terms of the bond ordinance shall have been paid in full, both principal and interest, up to and including the date of maturity. However, if the city has other funds available, the council may appropriate these funds and deposit them in trust with an escrow agent for the purpose of the payment of any of the maturities of bonds or interest, in which event the taxes so levied to pay such principal or interest may be abated by the amount deposited, such abatement to be directed by ordinance of the city, duly adopted by the council and placed on file with the county clerk at any time prior to the extension of these taxes for collection.
(Ord. 6379, passed 9-28-76)