Section X-28: Revenue for sinking fund - Uses to which applied.

  Counties, townships, school districts, cities, and towns shall
levy sufficient additional revenue to create a sinking fund to be
used, first, for the payment of interest coupons as they fall
due; second, for the payment of bonds as they fall due; third,
for the payments of such parts of judgments as such municipality
may, by law, be required to pay.