Sec. 4-28. - Serial bond requirement.

(1)

All bonds issued pursuant to this Charter shall be paid in consecutive annual instalments no one of which shall be more than fifty (50) per centum in excess of the smallest prior instalment.

(2)

The first annual instalment shall be paid not more than one (1) year, or if the bonds are issued to fund notes, not more than two (2) years, after the date of final passage of the bond ordinance by virtue of which they are issued.

(3)

The last annual instalment of each authorized issue of bonds shall be paid not later than the date of expiration of the period of usefulness of the project for the financing of which such bonds are issued as determined in the bond ordinance authorizing the issuance of the bonds.