(A) There is hereby created a Sinking Fund for the gradual extinguishment of the bonded indebtedness of the city, in accordance with the provisions of Sections 58 to 78, both inclusive, of an act of the General Assembly of the state entitled, “An Act Concerning Municipal Corporations,” approved March 6, Act of 1905, page 219. (`74 Code, § 11-6)
(B) The Sinking Fund shall be under the control of three Commissioners, to be known as the Board of Sinking Fund Commissioners, of whom the City Controller shall be ex officio one of the Commissioners during his term of office and the other Commissioners shall be appointed by the Mayor in accordance with the provisions of the acts of the General Assembly of Indiana. (`74 Code, § 11-7)
(C) The Commissioners shall serve without compensation, pay or other remuneration for their services and the Controller shall act as Secretary or Clerk of the Commission without additional fee or salary. (`74 Code, § 11-8)
(D) The Sinking Fund, the administration thereof, and the Board of Commissioners provided for in division (B) shall be in all respects subject to and governed by the provisions of the act of the General Assembly of the state specified in division (A) and all acts supplemental to and in amendment thereof. (`74 Code, § 11-9)