Sec. 18-112. Investments.
The sinking fund commission shall apply all appropriations and interest or other proceeds from any bonds held by the sinking fund commission to the purchase at market value of bonds of the city, or of the United States, or of this state, or of any city of the state having a population of over ten thousand (10,000) inhabitants, or in other bonds or securities, the payment of which are guaranteed both as to principal and interest by the government of the United States, or to the purchase of such other securities as may now or hereafter be authorized by law for sinking fund investments. The accruing interest on all securities held by the sinking fund commission shall be collected by the director when due, and deposited to the credit of the sinking fund commission. Whenever any part of the city debt for which the sinking fund was created shall become due, unless other provision be made by the council, such securities, so far as may be necessary, shall be sold by the sinking fund commission and the proceeds applied to the payment of such matured part of such city debt. The sinking fund commission may at any other time and from time to time, but only with the approval of the council, sell or otherwise dispose of any securities held in the sinking fund and reinvest the proceeds in such lawfully authorized investments as may be approved by the council. (Code 1959, § 12-69)
Last updated date: 10/23/2006 4:15:21 PM