Except as hereinafter provided, the city shall be entitled to a service fee at the rate of 1% of the total amount of bonds authorized to be issued by a bond ordinance adopted and approved hereunder. Where an organization exempt from taxation under § 501(c)(3) of the Internal Revenue Code of 1954 is the party obligated under a lease or other agreement to provide receipts and revenues to the city for payment of the principal, interest and other costs of the bonds, then no service fee shall be imposed in connection with the issuance of the bonds. Any service fee to which the city is entitled shall be paid to the City Treasurer within 30 days after adoption and approval of the applicable bond ordinance.
(1980 Code, § 13.1415)