A Permanent Improvement Revolving Fund is hereby established for making payment of liabilities, making and assessing of local improvements, issuance of bonds and other matters relating to a specific municipal act and not of general application, which shall be accomplished by resolution. The City Administrator shall maintain separate accounts under the Permanent Improvement Revolving Fund for each improvement and the city shall hereafter issue general obligation permanent improvement revolving fund bonds for the establishment and operation of the fund and for increase of moneys required for the operation of the fund. Bonds shall be issued at the times and in the amounts and with provisions as to interest, maturities and payment and shall be sold at the times and in the manner as the Council shall by resolution determine.
(2002 Code, § 2.66)