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 in each year, to the
sinking fund commissioners hereafter designated, and shall, together
with the accretions thereto arising from interest on investments,
et cetera, 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 securities which under the laws of the State of Virginia are
designated and approved for the investment of fiduciary funds;
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. (1934,
c. 113, p. 159.)
The 1934 amendment made changes in the latter part of this section
in regard to the investment of funds.
