Sec. 18-111. Accounts; custody and use of funds.
The director shall keep an account of and shall be the custodian of all moneys, bonds and other evidences of debt belonging to the sinking fund, and shall deposit the same in the name of the sinking fund commission in one or more of the banks of the city designated as depositories of the city, and all sums deposited to the credit of such account shall be sacredly applied to the redemption of the bonds of the city, for which the sinking fund was created. (Code 1959, § 12-68)
Last updated date: 10/23/2006 4:15:21 PM