The proceeds from the sale of bonds, except for premium and accrued interest, if any, shall be paid into the treasury of the City, placed to the credit of a special improvement fund, debt service fund and any reserve fund, all as provided in the resolution providing for the issuance of the bonds and expended only in connection with the purpose for which the indebtedness was created. When such purpose has been accomplished, any moneys remaining in the special improvement fund may be transferred to the debt service fund to be used for the payment of principal of and interest on the bonds or to any reserve fund established therefor. Premium and accrued interest, if any, shall be paid into the treasury and placed to the credit of the fund to be used for the payment of the principal of and interest on the bonds.
(Ord. 3589, 7-06-76)