§ 20-96. Earnings from municipal bonds and certificate of participation proceeds.

(a)

Unless otherwise provided in the ordinance authorizing the issuance of any municipal bonds issued by or on behalf of the city, the earnings from the investment of proceeds from the sale of such bonds shall be deposited in the fund or account from which debt service on such bonds is payable.

(b)

Unless otherwise provided by the ordinance authorizing the city to enter into an agreement related to the lease-purchase of property financed by the issuance of certificates of participation and subject to annual appropriation, the city may enter into any such agreement only if the document under which such certificates are issued provides that the earnings from the investment of proceeds from the sales of such certificates be deposited in the fund or account from which annual debt service on such certificates is payable.

(c)

Notwithstanding the provisions of subsections (a) and (b) of this section, earnings in an amount estimated to equal the payments required to be paid to the federal government pursuant to the Internal Revenue Code may be deposited in a fund or account to be used for such payments.

(Ord. No. 421-89, § 1, 8-14-89)