§ 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.