§ 4.54.120. Repayment of bonds.

The principal and any premium of, and interest on, the bonds shall be payable from ad valorem taxes levied to pay such bonds. For the purposes of paying the principal and interest on the bonds, the City shall, annually levy and collect a tax sufficient to pay the annual interest on such bonds as it becomes due and such part of the principal that will become due before the proceeds of the next general tax levy is available for the payment of such principal. The City shall establish and separately maintain such collected tax revenues in a separate fund until the bonds and the interest thereon are fully paid, or until a sum is set apart to pay all amounts that will be due to cover the principal and interest on the bonds in the Treasury of the City of Oakland or held on behalf of the City.

(Ord. No. 13403, § 2, 11-29-2016)