§ 32.02  SINKING FUNDS.
   (A)   A sinking fund is hereby established for the purpose of retiring and cancelling the outstanding paving bonds of the city. The treasurer of the Sinking Fund shall be appointed by the Board of Sinking Fund Commissioners. All money hitherto appropriated and which shall hereafter be appropriated for the aforesaid purpose shall be deposited with the treasurer of the Fund. The treasurer shall, before entering upon his duties, give bonds for the faithful performance of his duties to the city, to the satisfaction of the Board of Finance, in the amount as that Board may from time to time determine.
   (B)   A Sinking Fund is hereby established for the purpose of retiring and cancelling the outstanding street improvement bonds of the city. The treasurer of the Sinking Fund shall be appointed by the Board of Sinking Fund Commissioners. All money hitherto appropriated and which shall hereafter be appropriated for the aforesaid purpose shall be deposited with the treasurer of the Fund. The treasurer shall, before entering upon his duties, give bonds for the faithful performance of his duties to the city, to the satisfaction of the Board of Finance, in the amount as that Board may, from time to time, determine.
(1967 Code, § 2-14)