[Adopted 9-26-1979 as Ch. 2, Div. 4, of the 1979 Code]
The Sinking Fund Commission shall consist of five (5) persons. All moneys applicable to the Sinking Fund shall be under the charge of the Commission.
A majority of the members of the Sinking Fund Commission shall constitute a quorum and no business shall be transacted without a quorum being present.
The officers of the Sinking Fund Commission shall be a President and Secretary, who shall serve for one (1) year and shall be elected at the commencement of the fiscal year.
It shall be the duty of the President to preside at all meetings and conduct under the instructions of the Sinking Fund Commission, all negotiations for the purchase of bonds for the Sinking Fund. However, his power to purchase bonds shall only be exercised by authority of the Commission given at a meeting duly called.
It shall be the duty of the Secretary to keep correct minutes of the proceedings of the Sinking Fund Commission. The Commission shall hold meetings as from time to time shall be deemed necessary.
It shall be the duty of the City Treasurer to furnish to the Sinking Fund Commission, from time to time as he may be called upon, statements of the condition of each fund, the amounts invested, the bonds therein, and the balance on hand.
All moneys belonging to the Sinking Fund shall, under the instructions of the Sinking Fund Commission, be deposited at interest by the City Treasurer, separate and apart from all other moneys in his custody, in such banks, saving institutions or trust companies of the city as shall be designated by the Commission.
The Sinking Fund Commission shall from time to time ascertain from the several depositories of their funds, the amounts of such deposits and interest allowed thereon. The several depositories are hereby authorized to give the Commission, or its duly authorized member, all information bearing on the subject.
It shall be the duty of the Sinking Fund Commission to check up and verify the bonds in its possession, from time to time, as it may deem proper and necessary.
At any time when the Sinking Fund Commission, on account of accumulation of cash in the Sinking Fund, may desire to purchase bonds, it shall ascertain the price at which such bonds can be purchased. If the bonds will not net to the city in interest as much as it received from the depositories of such cash, the Commission shall be relieved from the necessity of purchasing bonds, and the cash may remain on deposit at interest until such time as bonds can be purchased at an advantage.
All checks drawn by the City Treasurer on the Sinking Fund shall be countersigned by the President of the Sinking Fund Commission. All bonds or coupons paid by the City Treasurer shall be immediately turned over to the Commission for cancellation and the Commissioners shall be held under no liability on account of such bonds or coupons until they are in their possession.
The City Treasurer is hereby made custodian of the bonds held by the Sinking Fund subject to examination by the Sinking Fund Commissioners whenever they may so desire. The Commissioners are hereby relieved from any liability on account of abstraction, loss or misuse of such bonds when not in their possession, and they are further relieved from liability for any loss caused by embezzlement or illegal use of the money belonging to the Sinking Fund.