Sinking Fund Commission
PART I CHARTER LAWS OF THE CITY OF TALLAHASSEE
Sec. 65. Creation; composition; election of members; meetings; duties.
There is hereby created the sinking fund commission of the City of Tallahassee, the members of which shall constitute the trustees of the sinking fund of said city, which said commission shall be composed of the members of the city commission, and three other experienced and trustworthy citizens and residents of said city who shall be elected by the city commission. The three members elected by the city commission shall hold office for a term of three years, except that the first three members so elected as aforesaid under the provisions hereof shall be elected for the following terms, one of said members shall be elected for a term of three years from June 1, 1937; and one of said members for a term of two years from said date; and one for a term of one year from said date, and that after the first election hereunder the city commission shall elect a member of said board annually at the first meeting of the city commission succeeding the regular municipal elections of said city and to fill any vacancies as they may occur.
That said sinking fund commission shall assume all the powers and duties herein provided as soon as they shall have been elected and qualified. That the removal from said city of any such member of said sinking fund commission shall vacate his office. The mayor-commissioner of the city shall be the chairman of said sinking fund commission and the said commission shall have the power to fix the date, time and place of all regular meetings of said commission, and to provide for the call of special meetings. That said sinking fund commission shall manage and control the sinking funds created and accumulated for the retirement and payment of the principal and interest of all bond issues heretofore or hereafter issued by said city. That is [it] shall be the duty of said sinking fund commission to invest said sinking funds to the best advantage of said city, provided, however, that said funds shall be invested only as is now provided by the Charter Act of said city and pursuant to the vote of seven eights of the members of said sinking fund commission. The said commission shall so invest said funds as to provide for sufficient cash moneys to be on hand to promptly meet all payments of interest or principal of any of the bonds of said City when the same may be due.
Ch. 8374, § 65, Special Acts 1919; Ch. 18924, § 1, Special Acts 1937; Ch. 26249, § 3, Special Acts 1949)