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The City is authorized to issue local improvement <br /> district bonds for the District which shall bear interest at a <br /> rate and to be payable on or before a date to be hereafter <br /> fixed by ordinance. The bonds shall be issued in exchange for <br /> and/or in redemption of any and all revenue warrants issued <br /> hereunder or other short-term obligations hereafter authorized <br /> and not redeemed in cash within twenty days after the <br /> expiration of the thirty-day period for the cash payment of <br /> assessments without interest on the assessment roll for the <br /> District . The bonds shall be redeemed by the collection of <br /> special assessments to be levied and assessed against the <br /> property within the District , payable in annual installments , <br /> with interest at a rate to be hereafter fixed by ordinance <br /> under the mode of "payment by bonds , " as defined by law and the <br /> ordinances of the City. The exact form, amount , date , interest <br /> rate and denominations of such bonds shall be hereafter fixed <br /> by ordinance of the City Council . Such bonds shall be sold in <br /> such manner as the City Council shall hereafter determine. <br /> Section 6 : In all cases where the work necessary <br /> to be 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 <br /> Local Improvement Fund. <br /> Section 7 : There is created and established in the <br /> office of the City Treasurer for the District the Local <br /> Improvement Fund , into which fund shall be deposited the <br /> proceeds from the sale of revenue warrants or other short-term <br /> obligations drawn against the fund which may be issued and sold <br /> by the City and collections pertaining to assessments , and <br /> against which fund shall be issued cash warrants to the <br /> contractor or contractors in payment for the work to be done by <br /> them in connection with the improvement , and against which fund <br /> cash warrants shall be issued in payment for all other items of <br /> expense in connection with the improvement . <br /> 4 <br />