123.11 MUNICIPAL CENTER BOND RETIREMENT FUND.

   (a)   The Finance Director is hereby authorized and directed to create a fund for the payment of principal and interest on debts relating to the Municipal Center Construction Project. The revenue for this fund shall be primarily derived from the portion of the City income tax money collected and credited to the Municipal Center Fund in a manner necessary to meet debt service requirements. In addition, interest earned on the proceeds of borrowing for the Municipal Center Construction Project shall be credited to the Municipal Center Bond Retirement Fund for debt service requirements.

   (b)   The Finance Director is further authorized and directed to take whatever steps are necessary in order to have the fund established herein approved by the Auditor of the State. (Ord. 114-1982. Passed 12-14-82.)