3236

COUNTY LOCAL LAWS

PROCEEDS SHALL BE PAID INTO AND APPROPRIATED FROM
SPECIAL FUNDS CHEATED THEREFOR. ALL OTHER REVENUES
AND RECEIPTS OF THE COUNTY FROM TAXES, GRANTS, STATE
REVENUES AND OTHER RECEIPTS SHALL BE PAID INTO AND
APPROPRIATED FROM THE GENERAL FUND WHICH SHALL BE THE
PRIMARY FUND FOR THE FINANCING OF CURRENT EXPENSES FOR
THE CONDUCT OF COUNTY BUSINESS. UPON REQUEST OF THE
COUNTY EXECUTIVE, THE COUNCIL MAY, BY THE ANNUAL
BUDGET AND APPROPRIATION ORDINANCE, OR BY OTHER
LEGISLATIVE ACT, PROVIDE FOR THE ESTABLISHMENT OF
WORKING CAPITAL OR REVOLVING FUNDS FOR THE FINANCING
OF CENTRAL STORES, EQUIPMENT POOLS, OR OTHER SERVICES
COMMON TO THE AGENCIES OF THE COUNTY. NOTWITHSTANDING
OTHER PROVISIONS OF THIS ARTICLE, THE COUNCIL MAY
ESTABLISH A RESERVE FUND FOR PERMANENT PUBLIC
IMPROVEMENTS, AND SELF-INSURANCE OF COUNTY PROPERTY
INTO WHICH THERE MAY BE PAID BY THE ANNUAL BUDGET AND
APPROPRIATION ORDINANCE CASH SURPLUSES NOT OTHERWISE
APPROPRIATED, OR TOWARD THE FINANCING OF WHICH TAXES
OR OTHER SOURCES OF REVENUE MAY BE DEDICATED.

SECTION 826. FORM AND TERM OF BONDS. ALL BONDS
SHALL BE IN SERIAL FORM AND PAYABLE, AS CONSECUTIVELY
NUMBERED, IN ANNUAL INSTALLMENTS, THE FIRST OF WHICH
SHALL BE PAYABLE NOT MORE THAN TWO YEARS FROM THE BAY
OF ISSUE. BONDS SHALL BE PROPERLY AUTHENTICATED.
BONDS MAY BE REGISTERABLE OR NON-REGISTERABLE AS TO
PRINCIPAL OR INTEREST. ALL INTEREST COUPONS
TRANSFERABLE BY DELIVERY SHALL BE ATTACHED TO THE
BONDS AND SHALL BE PROPERLY AUTHENTICATED. ALL BONDS
SHALL BE MADE PAYABLE WITHIN THE PROBABLE USEFUL LIFE
OF THE IMPROVEMENT OR UNDERTAKING WITH RESPECT TO
WHICH THEY ARE TO BE ISSUED, OR, IF THE BONDS ARE TO
BE ISSUED FOR SEVERAL IMPROVEMENTS OR UNDERTAKINGS,
THEN WITHIN THE AVERAGE PROBABLE USEFUL LIFE OF ALL
SUCH IMPROVEMENTS OR UNDERTAKINGS. IN THE CASE OF A
BOND ISSUE FOR SEVERAL IMPROVEMENTS OR UNDERTAKINGS
HAVING DIFFERENT PROBABLE USEFUL LIVES, THE COUNCIL
SHALL DETERMINE THE AVERAGE OF SAID LIVES, TAKING INTO
CONSIDERATION THE AMOUNT OF BONDS TO BE ISSUED ON
ACCOUNT OF EACH SUCH IMPROVEMENT OR UNDERTAKING, AND
THE PERIOD SO DETERMINED SHALL BE THE AVERAGE PERIOD
OF USEFUL LIFE. THE DETERMINATION OF THE COUNCIL AS
TO THE PROBABLE USEFUL LIFE OF ANY SUCH IMPROVEMENT OR
UNDERTAKING SHALL BE CONCLUSIVE. NO BONES SHALL
MATURE AND BE PAYABLE MORE THAN THIRTY YEARS AFTER
THEIR DATE OF ISSUANCE.

SECTION 827. CONTENTS OF BOND ISSUE
AUTHORIZATION ORDINANCES. EACH BOND ISSUE