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.)
