5.04.210 Improvement Warrant Sinking Fund.

City Code Section

(Added by Ordinance 139574, effective March 13, 1975.) 

  1. The Improvement Warrant Sinking Fund is hereby created.  Funds obtained from the issuance of general obligation improvement warrants issued pursuant to statute and authorized by the Council shall be placed in this Fund and expended only for payments duly authorized for the construction of public improvements.  All proceeds from the collection of unbonded assessments, the sale of improvement bonds, and the foreclosure of improvement liens for unbonded assessments, realized from the improvement with respect to which such general obligation improvement warrants are issued, shall be placed in the fund to be applied to the call and payment of such warrants as rapidly as funds are available as provided by statute.