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.)
