A. Sinking Fund: On or before June 30 until the sanitary sewer bonds are paid, there shall be deposited in the sinking fund of the city the sum necessary to enable the payment of the interest accruing upon said bonds as the same shall become due and to accumulate a sinking fund for the payment of the principal thereof when due.
B. Authorized By Voters: The bonds were issued in the sum and form as prescribed by ordinance 2358 as authorized by the voters of the city in compliance with state law.
C. Annual Tax: An annual tax shall be levied upon all taxable property of the city to meet the obligations of subsection A of this section. (1986 Code § 18-23)