SINKING FUND COMMISSION-DUTIES

SECTION 60. 1. The mayor, auditor, treasurer and president of the council shall constitute and be denominated a Sinking Fund Commission.

2.   Any three of the officers named in the last subdivision shall be and are hereby authorized to discharge the trusts and duties hereby vested in them, but shall not receive any additional salary or compensation for such services. The council may require bonds from these officers for the faithful performance of their duties as members of said commission.

3.   The Sinking Fund Commission shall negotiate the sale of all bonds of the city, in accordance with the provisions of the ordinance under which such bonds, may issue. They shall from time to time invest the money of the city set apart for a sinking fund for the redemption of the city's bonded indebtedness, in the purchase of bonds issued by the city at the market price, not exceeding the par value thereof. If at any time such investment cannot be made, then said commission may invest said funds in interest bearing securities of the county of Ada, or the state of Idaho, or of the United States. No money belonging to the sinking fund shall be loaned to any person or corporation.

4.   Whenever any of the moneys constituting the sinking fund shall be required for investment, as above specified, or for the redemption of any city bonds at their maturity, said commission shall report the amount of money so required to the auditor, who shall certify such sum to the city council, and thereupon the council shall authorize an order to be drawn on the treasurer, directing him upon delivery of the securities purchased to pay for the same, or to make the required payment of principal or interest maturing on the said bonds.

5.   It shall be the duty of the auditor to keep a correct journal of the proceedings of said commission, to be verified by any three of them, and to render to the city council once every three months, or oftener if required, a full report of the proceedings of the commission. All acts of the commission shall be based on resolutions, duly entered in said journal.

6.   In case of vacancy in office, or inability of any of said commissioners to attend to the duties hereby imposed, it shall be the duty of the council to designate by resolution one or more of their number to fill the place of such commissioner or commissioners for the time being.

7.   It shall be the duty of said commissioners to protect the credit of the city, direct and superintend the payment of interest and the bonded indebtedness of the city, whenever said interest or bonds may be payable. All bonds and securities purchased by said commission shall be held for safe keeping by the treasurer. City bonds which have matured, been paid, and returned to the treasurer, shall be destroyed in the presence of the commission.

   S.L. 1907, pp. 90-91.