The interest on bonds shall be payable semi-annually on the first day of any month
of each year until the principal sum is paid; provided, however, unless provision
is made in the ordinance authorizing the issuance of bonds for the payment of advance
interest out of the proceeds of the sale of said bonds, the first payment of interest
shall be deferred until the interest payment date next following receipt of taxes
levied by the bond ordinance, but in no event for more than one year from the date
of the bonds.
(Sec. 303-1a; ordained by Ord. No. 110-1962, eff. Apr. 11, 1962; a. Ord. No. 356-1967,
eff. Oct. 13, 1967; renumbered to C.M.C. 303-9, eff. Jan. 1, 1972)
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