Bonds issued under this article shall be unconditional obligations of the City, payable as to principal, premium (if any) and interest from all taxes, income, revenue, cash receipts and other legally available moneys of the City. From and after the date of issuance of any bonds under this article, there shall be appropriated from the General Fund of the City in each fiscal year a sum sufficient to pay the principal of, premium (if any) and interest on the bonds due and payable (whether by maturity, mandatory sinking fund redemption, tender for purchase or otherwise) in such fiscal year, together with an amount sufficient to pay liquidity or other credit enhancement costs relating to the bonds of such fiscal year (collectively, the “Annual Debt Service”). In each fiscal year, appropriate officials of the City shall perform each and every act necessary to ensure the budgeting, appropriation and payment of debt service on the bonds.
SECTION HISTORY
Added by Ord. No. 167,351, Eff. 11-23-91.
Amended by: Last Sentence, Ord. No. 180,882, Eff. 10-26-09.