Sec. 104.202. - Outstanding bonds issued by former governments.

Outstanding bonds issued by former governments are obligations of the Consolidated Government; however, payment of these obligations and the interest thereon shall be made solely from and charged solely against funds derived from the same sources from which the payment would have been made had the Charter not become effective. When ad valorem taxation is pledged to meet the debt service requirements of any bonds issued by a former government, taxes shall be levied by the Consolidated Government for the payment of the bonds only on property which is located in the area where property was taxable for the payment of the bonds immediately prior to October 1, 1968. Bonds payable from special assessments levied against the properties specially benefited by the improvements financed from the proceeds of the bonds shall continue to be payable solely from the particular special assessments. In the event obligations issued by a former government are replaced by refunding bonds issued by the Consolidated Government, the debt service requirements of the refunding bonds shall be payable solely from the same sources from which the refunded bonds were payable. (Ord. 83-591-400, § 1) Note— Former § 16.01 of the Charter. Note— The effective date of the Charter was supplied by the editors pursuant to Section 2.106(b)(5).