After issuance of improvement bonds covering unpaid bonded assessment for a particular improvement, the City official designated by ordinance shall keep an account of money paid upon bonded improvement assessments separate from other City funds, as provided by ordinance.
Whenever improvement bonds issued upon bonded assessments are redeemable and it appears to the Council advantageous to redeem them, but money available in the sinking fund account is insufficient, the Council may transfer money from another sinking fund or sinking fund account as a temporary loan to the sinking fund account to be redeemed, to be repaid with interest at the rate fixed by the Council. The Council may authorize and provide for issuance and sale of new bonds upon bonded assessments to redeem outstanding bonds. Such new bonds shall be limited in amount to the amount of bonds to be redeemed from the proceeds, shall bear interest, be sold and be redeemable as provided in this Charter. In case of a temporary loan, if property owners fail to pay into the sinking fund a sufficient amount to repay the temporary loan, when needed, the Council shall provide money for repayment by the sale of bonds as provided in this Section. [New sec. Nov. 8, 1966; am. May 20, 1986; am. Nov. 3, 1992.]