The Sinking Fund Commission shall consist of the President of the Council and two other citizens to be appointed by the Council. The President of the Council shall be the president, and the Director of Finance shall be the secretary, of the Sinking Fund Commission. The Sinking Fund Commission shall manage and control the sinking fund in the manner provided by general law until otherwise provided by ordinance.
The Sinking Fund Commission shall invest all moneys received by them in bonds of the United States, the State of Ohio, or of any municipal corporation, school, township, or county in such State, or in notes and certificates of indebtedness of the City of East Cleveland, and shall hold in reserve only such sums as may be needed for effecting the purposes for which the sinking fund was created and is maintained.
(Amended 4-29-24)