The principal of, redemption and/or mandatory purchase premium, if any, and interest on the obligations issued under the authority of this subchapter may be payable from and/or secured by (a) a lien upon and pledge of any funds of the city legally available for such purpose, including the assessments levied hereunder; or (b) a covenant to budget and appropriate or direct an appropriate officer of the city to submit to the Council for budget approval, as the case may be, from any funds of the city legally available for such purpose, an amount sufficient to pay the principal of, redemption and/or mandatory purchase premium, if any, and interest on the obligations (collectively, the "security").
(Ord. 2002-68, passed 11-7-02)