[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.
