N.Y. Second Class Cities Law § 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.