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levied and assessed against the property within the District , <br /> payable in annual installments , with interest at a rate to be <br /> hereafter fixed by ordinance under the mode of "payment by <br /> bonds, " as defined by law and the ordinances of the City. The <br /> exact form, amount , date, interest rate and denominations of <br /> such bonds shall be hereafter fixed by ordinance of the City <br /> Council . Such bonds shall be sold in such manner as the City <br /> Council shall hereafter determine. <br /> Section 7 . In all cases where the work necessary to be <br /> done in connection with the making of such improvement is <br /> carried out pursuant to contract upon competitive bids (and the <br /> City shall have and reserves the right to reject any and all <br /> bids) , the call for bids shall include a statement that payment <br /> for such work will be made in cash warrants drawn upon the Local <br /> Improvement Fund. <br /> Section 8 . There is created and established in the office <br /> of the City Treasurer for the District the Local Improvement <br /> Fund, into which fund shall be deposited the proceeds from the <br /> sale of revenue warrants or other short-term obligations drawn <br /> against the fund which may be issued and sold by the City and <br /> collections pertaining to assessments , and against which fund <br /> shall be issued cash warrants to the contractor or contractors <br /> in payment for the work to be done by them in connection with <br /> the improvement , and against which fund cash warrants shall be <br /> issued in payment for all other items of expense in connection <br /> with the improvement . <br /> - 5 - <br />