The premium received on the sale of city bonds shall be transferred to the fund which will meet the debt service payments on the particular issue. The premium shall be amortized over the life of the issue in the proportion of each annual interest payment to the gross total of the interest cost on the issue. Accrued interest received on the sale of the bonds shall be applied to the first interest payment falling due on the bonds.
(1967 Code, § 2-13)
Charter reference:
Appropriations and bond issues, see Charter Chs. 9 and 10