892.21  BONDS.
   If the payment of a special assessment is divided into installments, as provided in this chapter, Council may authorize and direct the Mayor and City Treasurer to issue, in accordance with law, and negotiate at not less than par, on behalf of the City, bonds bearing not more than twelve percent annual interest, for the aggregate amount of such special assessment. The maturity of such bonds shall in all cases correspond substantially in time and amount to the payment of the assessments for the public improvement for which the bonds are issued. The proceeds received from the sale of the bonds shall be deposited with the City Treasurer and disbursed by him or her, on the order of Council, in payment of the cost and expense of the public improvement for which they were issued. Such proceeds shall be used for no other purpose. The proceeds of the extended special assessment, when collected, shall be used for the payment of such bonds and for no other purpose.
(Ord. 158. Passed 7-2-56.)