City Guarantee; Annual Budgets

Section 10. City Guarantee; Annual Budgets.--The regular interest charges payable and the creation and maintenance of the necessary reserves for the payment of the city and members' annuities in accordance with this act, are hereby made obligations of the city. The board shall prepare and submit to the city council, on or before the first day of November of each year, an itemized estimate of the amounts necessary to be appropriated by the city to complete the payment of the obligations of the city during the next fiscal year.