§ 7.11. Sinking fund.

Latest version.

There shall be a sinking fund for the amortization of the outstanding term bonds of the city. It shall consist of the cash and securities in the sinking fund at the effective date of this Charter, the sums hereinafter required to be paid into such fund and the interest earned or investments. There shall be paid into the sinking fund annually the sum determined by the director of finance, and by him certified to the city manager for inclusion in the budget, to be necessary on actuarial principles to amortize such term bonds at maturity. The sinking fund shall be invested only in bonds or other direct obligations of the city, the commonwealth, or the United States. The management of the sinking fund shall be entrusted to the director of finance.

(Acts 1952, ch. 301)

(Acts 1952, ch. 301)

                    
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