[Ord. 603, 11/11/1972, § 1]
A sinking fund for the aggregate series of general obligation
bonds and notes presently outstanding and hereafter issued, is hereby
created subject to the terms of existing contracts with the holders
of such bonds and notes.
[Ord. 603, 11/11/1972, § 2; as amended by Ord.
830, 3/18/1992]
Said sinking fund shall be maintained in such office of such
bank and/or trust companies as Council shall by resolution from time
to time appoint as sinking fund depository, insured by the appropriate
federal agency, and shall be maintained, operated and managed pursuant
to the provisions and subject to the limitations of the Local Government
Unit Debt Act, as amended and supplemented from time to time.
