Whenever any general obligation bonds are sold and the proceeds are deposited in the City Treasury, the department which by the Charter or by ordinance not in conflict therewith will have superintendence and control over design and construction of the municipal improvement or over the acquisition or improvement of the real property or over any other purpose for which the bonds were issued shall have control of the expenditure of the bond proceeds, unless otherwise provided by the Council, and shall cause the bond proceeds to be expended for the purposes and objects for which the bonds were issued. The bond proceeds shall be expended in the same manner as provided in the Charter for the payment of other funds from the City Treasury, in accordance with applicable Federal and State laws, and in accordance with the plan for expenditure as approved by the Council or as subsequently modified by the Council.
SECTION HISTORY
Based on Ord. No. 132,005.
Amended by: Ord. No. 132,341; Repealed and re-added by Ord. No. 165,841, Eff. 5-28-90.