§ 12.10. Proceeds from sale of bonds.

Latest version.

When the proceeds from the sale of any bonds shall have been paid into the city treasury, the principal thereof shall be credited to the fund for which the bonds were issued, and be applied exclusively to the purpose for which the bonds are authorized. No moneys received from the sale of any bonds issued for any permanent public improvement shall be used for the maintenance thereof. The premiums and accrued interest received, if any, shall be credited to the interest fund.

                    
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