Sec. 23. Sinking fund.
To provide for the payment of the bonded debt of the city
there shall be set apart annually by the council from the revenues
of the city such sum as will be sufficient to meet each issue of
bonds, either heretofore or hereafter issued, as the same shall become
due, except that for any issue of bonds a definite amount of
which is payable annually and known as serial bonds no sum shall
be so provided; but for such serial bonds the council shall make
in their annual budget definite provision for their payment. The
fund thus set apart shall be paid in two equal installments on the
first day of January and the first day of July of each year, to the
sinking fund commissioners hereafter designated, and shall, together
with the accretions thereto arising from interest on investments,
etc., be known as the sinking fund, and be held sacred for
the payment of the debt of the city as it shall become due; and if
no part of said debt be due or payable, said fund shall be invested
in the bonds or certificates of debt of said city, or of this State, or
the United States, or of some State of this Union, or any other
bonds the sinking fund commissioners may deem a safe investment;
said fund shall, in the hands of the treasurer, as to all questions
of investments, purchase or sale within the limitations of
this section, be subject to the orders and management of the
mayor, chairman of the finance committee of the council, auditor,
and treasurer, who together shall compose the sinking fund commission.
