All moneys as are provided for the payment of principal of and interest on general obligation bonds of the city shall be deposited into the general obligation bond and interest redemption fund, and shall be used only for the payment of such principal and interest when the same become due and payable.
(Sec. 5-10.2, R.O. 1978 (1983 Ed.)) (1990 Code, Ch. 6, Art. 8, § 6-8.2)