Article X. Sinking Fund Commission.[77]
Sec. 2-156. 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, the chairman of the finance
committee of the city council, the director of finance and the
treasurer shall constitute a board to be called the sinking fund
commission. (Code 1959, § 2-156.)
Sec. 2-157. President and secretary; keeping journal;
preserving books and papers.
The mayor shall be the president and the director of finance and
the secretary of the sinking fund commission. 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. (Code 1959, § 2-157.)
Sec. 2-158. City treasurer to keep account and be custodian of
funds.
The city council shall set apart from the sources of the
custodian of all money, bonds and other evidences of debt
belonging to the sinking fund. (Code 1959, § 2-158.)
Sec. 2-159. Setting apart sinking fund.
The city 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. One-half of such
fund shall be set apart on the first day of January of each year
and the other half on the first day of July of each year, and the
fund 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 city
council to any other purpose. (Code 1959, § 2-159.)
Sec. 2-160. Investment of funds; redemption of city debt.
The sinking fund commission shall apply all appropriations,
interest and profits from any bonds held by them to purchase of
bonds or certificates of debt of this city, of this state, of the United
States or of some other state of this union or to the purchase of
any other securities which, under the laws of this state, are
designated and approved for the investment of fiduciary funds.
The accrued interest on such securities shall be collected by the
city treasurer when due and deposited to the credit of the sinking
fund. All such securities, or reinvestments of the 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 city 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. (Code 1959, § 2-160.)
Sec. 2-161. Annual report.
The sinking fund commission shall, through the city treasurer,
not later than the thirty-first day of each July, make a report of
the condition of the sinking fund to the city council. Such report
shall state the cash receipts for the year, in detail, an itemized list
of bonds bought or sold, with the price paid or received, and a
detailed list of all securities held by the sinking fund commission.
Such report shall be audited and approved by the secretary of the
sinking fund commission before it is presented to the city council.
(Code 1959, § 2-161.)
Sec. 2-162. Disbursements.
All disbursements by the sinking fund commission shall be by
warrant of the secretary, countersigned by the president of the
sinking fund commission, drawn on the city treasurer. (Code
1959, § 2-162.)
Sec. 2-163. Opening safety deposit box.
The bank safety deposit box of the sinking fund commission
shall be opened only in the presence of the city treasurer or his
deputy and one member of the sinking fund commission other
than the city treasurer. (Code 1959, § 2-163.)
