(a) Sale of Bonds. When any bonds issued hereunder are to be sold, they may be sold by the council as it shall determine. The proceeds of such sale shall be placed in the city treasury to the credit of the fund for which they had been issued, and shall be applied exclusively to the purposes and objects thereof.
(b) Premium. If any bonds are sold for an amount in excess of par, such excess shall be paid into the fund for the improvement, unless the council shall otherwise determine.
(Ord. 2277 (part), 1966: prior code § 40.501(i), (j))