SECTION
1. Investment of sinking funds.
2. When and upon what conditions securities belonging to the sinking fund may be sold.
3. Conditions upon which sinking fund bonds can be exchanged.
4. Levy of tax for sinking fund.
5. When sinking fund paid into general fund.
Editor’s note:
Priv. Acts 2014, ch. 55, sec. 1 deleted in its entirety Article XIV, titled Sinking Fund, and replaced it with a new Article XIV by the same title.
Be it further enacted, that all the sinking funds of the city may be invested by the city manager, by and with the consent of the City Council, in bonds of the United States, of the State of Tennessee, or of the City of Crossville at the best price obtainable. (As amended by Priv. Acts 1972, ch. 416, sec. 11, Priv. Acts 1995, ch. 55, sec. 2, and Priv. Acts 2014, ch. 55, sec. 1)
Be it further enacted, that the city manager, by and with the consent of the City Council, may sell the securities belonging to a sinking fund, or any part of them, at any time, when the proceeds thereof may be needed for the payment of bonds, on the best obtainable terms. (As amended by Priv. Acts 1972, ch. 416, sec. 12, Priv. Acts 1995, ch. 55, sec. 2, and Priv. Acts 2014, ch. 55, sec. 1)
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