§ 102. Sinking fund.

Latest version.

It shall be the duty of the Council each year to levy a tax sufficient to pay the debt service on and provide the necessary sinking fund required by law on all bonds outstanding. The interest and sinking fund, and the funds hereafter created for the retirement of bonds shall be deposited in separate accounts in the City depository and shall not be diverted to any other purpose, or used for any purpose other than to pay interest and principal on such bonds.

(Ord. No. 85965, § 1 (Prop. 1), 5-5-97)

                    
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