New York Second Class Cities Law Section 60 - Temporary and funded debts.

 60. Temporary  and  funded debts. (a) Whenever the finance board, as
  that term is defined in section 2.00 of the  local  finance  law,  shall
  authorize the issuance of bonds or notes, it shall do so by ordinance.
(b) Provision shall be made for the payment of each annual installment
  of a funded debt and accrued interest on such funded debt in the year in
  which  such  principal and interest shall become due by the insertion of
  the proper sum in the annual estimate for the year  in  question.  Bonds
  issued to provide for the supply of water may be paid out of water rents
  received by the city.

Last modified: February 3, 2019