A. At the time of making the general tax levy after the issuance of the bonds, as may be provided in the resolution providing for the issuance of the bonds, and annually thereafter until the bonds are paid or until there is a sum in the treasury set apart for that purpose sufficient to meet all payments of principal and interest on the bonds as they become due, the Mayor and Common Council shall cause an assessment to be levied upon all real property or land only, as the case may be, in the improvement district sufficient to pay the interest on the bonds and such part of the principal as will become due before the proceeds of such an assessment levied at the next general tax levy will be available and to provide a contingency reserve for delinquencies. Such assessment shall be levied and collected at the same time as other City taxes, and shall be used only for the payment of interest on and principal of the bonds. Assessments for the payment of such bonds shall constitute a lien on all of the taxable real property within the improvement district. Such liens shall be of the same force and effect as other liens for City taxes and their collection may be enforced by the same means as provided for the enforcement of liens for City taxes.
B. Nothing in this Article shall be deemed to prevent the Mayor and Common Council from using any lawfully available funds of the City, including, without limitation, those which are attributable to the improvement district, for payment of such principal and interest, and to the extent that such funds are in the treasury set apart for that purpose, the assessment required by this Article need not be levied. For purposes of this Article, the phrase "funds of the City which are attributable to the district includes without limitation, grants from other governmental agencies to the City on" behalf of the improvement district or r venues raised by operation of the facilities constructed under this Chapter within the improvement district.
(Ord. 3589, 7-06-76)