§ 2579 — Payment of obligations

§ 2579. Payment of obligations. 1. If a city shall issue obligations\nfor any of the purposes enumerated in paragraph c of subdivision one of\nsection twenty-five hundred seventy-six of this chapter, the principal\nand interest of such obligations shall be paid out of moneys raised by\ntax therefor in the same manner as other school moneys are raised, when\nsuch obligations and the interest thereon shall become due and payable.\n 2. If a city having a population of four hundred thousand or more but\nless than one million shall issue obligations to defray, in whole or in\npart, the expense of the construction, improvement and equipment of\nschool buildings or the purchase or acquisition of school sites, the\nproceeds of the sale of such bonds shall be paid into the treasury of\nthe city and placed to the credit of the board of education. As such\nobligations become due the municipal authorities of the city shall\ninclude in the tax levy, and assess upon the property of the city, the\namount necessary to pay such bonds and interest thereon.\n 3. In a city having a population of one million or more, such city may\nin its discretion annually cause to be raised such sums of money as may\nbe required for the purposes enumerated in paragraph c of subdivision\none of section twenty-five hundred seventy-six of this article, in the\nmanner provided by law for the raising of money for such purposes.\n