A. The short-term obligations may be paid from the proceeds of local improvement district bonds or consolidated local improvement bonds, from assessment payments, from the proceeds of the issuance of other short-term obligations, or from other city funds made available for that purpose. The short-term obligations shall be drawn on the local improvement fund created for the applicable local improvement district and, unless otherwise permitted by law, shall be payable solely out of that fund or the local improvement guaranty fund of the city.

B. The short-term obligations may be subject to prior redemption, may be sold at a discount, at par, or at a premium and shall be in such denominations and bear such other covenants respecting payment as the city finance director and the city treasurer, or either of them may determine. Both principal of and interest on the short-term obligations shall be payable in lawful money of the United States of America at the office or offices of the registrar. (Ord. 1405-87 § 1, 1987.)