CHAPTER XVI.
Sinking Fund.
Sec. 129. Sinking fund—commissioners of.
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, Auditor and Treasurer shall constitute a
board to be called the Sinking Fund Commission.
Sec. 130. President and secretary.
The Mayor shall be the president, and the Auditor the secretary,
of said 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.
Sec. 131. Treasurer.
The City Treasurer shall keep an account of and shall be the
custodian of all moneys, bonds and other evidences of debt belonging
to said sinking fund, and shall be the treasurer of the
Sinking Fund Commission.
Sec. 132. 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 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.
Sec. 133. Sinking fund—purchase of bonds for funds.
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 bonds
of the Sinking Fund Commission may deem a safe investment.
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 shall be held and the interest thereon
re-invested according to the provisions of this ordinance, until
some part of the City debt shall become due, when, unless other
provision 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.
Sec. 134. Sinking fund—annual report of.
The Sinking Fund Commission shall, through its Treasurer
not later than the fifteenth day of each September, 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.
Sec. 135. Disbursements—how made.
All disbursements by said Commission shall be by warrant of
the Secretary, countersigned by the president of the board, drawn
on the Treasurer of the Sinking Fund Commission.
Sec. 136. Bank 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.
