Article X. Sinking Fund Commission.
Sec. 157. Members.
For the purpose of managing, preserving and applying the sinking
fund required to be created by the charter and the ordinances
of the city, the mayor, chairman of the finance committee of the
council, director of finance and treasurer shall constitute a board
to be called the sinking fund commission. (Code 1932, § 129.)
For charter provision in regard to sinking fund and sinking fund
commissioners, see char., § 23.
Sec. 158. President and secretary; keeping journal; preserving
books and papers.
The mayor shall be the president, and the director of finance the
secretary, of the board. The secretary shall keep a correct journal
of the proceedings of every meeting, to be signed by himself and
the president, and shall preserve all books and papers of the board
in his office. (Id., § 130.)
Sec. 159. City treasurer to keep account and be custodian
of funds.
The city treasurer shall keep an account of and shall be the custodian
of all moneys, bonds and other evidences of debt belonging
to the sinking fund. (Id., § 131; Ord. Dec. 21, 1942.)
Sec. 160. Setting apart sinking fund.
The council shall set apart from the resources of the city such
proportion of its annual revenues as will be sufficient to meet each
issue of sinking fund bonds either heretofore or hereafter issued
as the same shall become due. Said fund shall be set apart, one-half
on the first day of January of each year, and the other half
on the first day of July of each year, and shall be placed to the
credit of the sinking fund commission. The fund thus set apart
and invested, together with the annual interest and profits therefrom,
shall be called the sinking fund, and shall be kept for, and is
hereby dedicated to, the payment of the bonded debt of the city,
and shall not be applied by the council to any other purpose.
(Code 1932, § 132.)
Sec. 161. Investment of funds; redemption of city debts.
The commission shall apply all appropriations, interest and
profits from any bonds held by them to the purchase of bonds or
certificates of debt of this city, or of this state, or of the United
States, or of some other state of this union, or any other securities
which under the laws of the State of Virginia are designated and
approved for the investment of fiduciary funds. The accrued interest
on said securities shall be collected by the treasurer when
due, and deposited to the credit of the sinking fund. All such securities,
or reinvestments of same, and the interest thereon, shall
be reinvested according to the provisions of this section, until some
part of the city debt shall become due, when, unless some other
provisions be made by the council, such securities, so far as may
be necessary, shall be sold and the proceeds applied to the payment
of such matured part of the city debt. (Id., § 133; Ord. Jan.
20, 1936.)
Sec. 162. Annual report.
The sinking fund commission shall, through the treasurer, not
later than the 31st day of each July, make a report of the condition
of the sinking fund to the council. Said report shall state the cash
receipts for the year, in detail, an itemized list of bonds bought or
sold, with price paid or received, and a detailed list of all securities
held by said commission. Said report shall be audited and approved
by the secretary of the sinking fund commission before it
is presented to the council. (Id., § 134; Ord. Dec. 21, 1942.)
Sec. 163. Disbursements.
All disbursements by said commission shall be by warrant of the
secretary, countersigned by the president of the board, drawn on
the treasurer. (Id., § 135; Ord. Dec. 21, 1942.)
Sec. 164. Safety deposit box; who to be present when
opened.
The bank safety deposit box of the sinking fund commission
shall be opened only in the presence of the treasurer, or his deputy,
and one member of the sinking fund commission other than
the treasurer. (Code 1932, § 136.)
