The principal of and premium, if any, and interest on the improvement district bonds shall be payable at such places as may be determined by resolution of the council. Interest may be payable by check or draft mailed, or wire sent, by the paying agent or paying agents for the improvement district bonds to the registered owners thereof. In all cases, the improvement district bonds and coupons, if any, shall recite the places of payment. If any improvement district bonds are made payable elsewhere than in the city, the director of budget and fiscal services shall remit the funds necessary to pay the interest and principal and premium thereon when due of any such improvement district bonds, with exchange, to the institution so designated after verifying that such institution is then solvent. The director of budget and fiscal services may serve as paying agent for improvement district bonds.
(Sec. 24-5.3, R.O. 1978 (1987 Supp. to 1983 Ed.)) (1990 Code, Ch. 14, Art. 27, § 14-27.3) (Am. Ord. 90-91)