When the City Council provides for the levying of Assessments pursuant to the Assessment Ordinance, it shall also provide for the levying of that amount of Assessments which is required for the payment of the principal of and interest on any outstanding Bonds, including any necessary replenishment or expenditure of bond reserve funds or accumulation of funds for future Bond payments. All of the collections for payment of the principal of and interest on Bonds shall be paid into the bond fund and reserve or other fund established for the Bonds and shall be used solely for the payment of the principal of and interest on the outstanding Bonds.
SECTION HISTORY
Added by Ord. No. 172,856, Eff. 11-8-99.