(A) The commission hereby created shall have the exclusive custody control and authority to invest all monies arising from taxes collected for the payment of principal and interest on any and all bonds, notes or other obligations heretofore or hereafter issued by the county, or any political subdivision thereof except municipalities, together with all funds heretofore or hereafter received by the county, pursuant to existing agreements with the State Highway Department, for the reimbursement of certain outstanding road bonds heretofore issued by the county.
(B) The commission shall keep separate accounts of the funds in its custody belonging to the county and any of its political subdivisions, and shall apply the bonds to the payment of the principal and interest of the particular bonded indebtedness of the county or any political subdivision thereof for the payment of which the funds have been collected; and shall apply funds received by the commission pursuant to existing agreements with the State Highway Department for the reimbursement of certain outstanding road bonds heretofore issued by the county, to the payment of the principal and interest of the bonds, the payment of which has not been otherwise provided for by law.
(C) The commission shall annually calculate and certify to the auditor of the county the amount of tax levies necessary to raise funds sufficient to pay the principal and interest of any and all bonds, notes, and other obligations of the county, and of any of the townships or school districts of the county, which are under the custody and control of the commission, and it shall be the duty of the clerk of the County Council to furnish the commission a record of each note executed by the county or its townships, and of the trustees of each school district to furnish the commission a record of each note executed by the school trustees, and the record shall be furnished immediately upon the execution of the note, furnishing to the commission the amount, date and maturity and the interest rate, and the Sinking Fund Commission shall keep a record thereof, and it shall be the duty of the chairperson to certify to the county auditor any levies which may be necessary for the payment of the principal and interest of the notes at their maturity dates; and it shall be the duty of the county auditor to accept and make tax levies to raise funds for the payment of the bonds, notes and other obligations under the custody and control of the commission upon, and only upon, certification.
(Acts 1945, No. 135, p. 180, § 3) (‘77 Code, § 8-8)