§ 7.14. Sinking fund.

Latest version.

There shall be a sinking fund for the amortization of the outstanding term bonds of the city. There shall be paid into the sinking fund annually the sum determined by the director of finance, and by him certified to the city manager for inclusion in the budget, to be necessary on actuarial principles to amortize such term bonds at maturity. The sinking fund may be invested only in bonds or other direct obligations of the city, the Commonwealth, or the United States. The sinking fund shall be administered by the director of finance, and such person or persons as the council may designate. (Acts 1973, ch. 258, § 1; Acts 1981, ch. 512, § 1)

                    
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