Athens City Charter

Section 1. Be it further enacted, That all the sinking funds of the city may be invested by the City Manager by and with the consent of the City Council, in bonds of the United States, or the State of Tennessee, or of the City of Athens, at the best price obtainable.

Section 2. Be it further enacted, That the City Manager by and with the consent of the City Council, may sell the securities belonging to a sinking fund, or any part of them at any time, when the proceeds thereof may be needed for the payment of bonds, on the best obtainable terms.

Section 3. Be it further enacted, That the City Manager by and with the consent of the City Council, may exchange any bonds belonging to a sinking fund for bonds of the city whenever such exchange may be advantageous for the city.

Section 4. Be it further enacted, That if the amount of any sinking fund, with the interest or revenue thereof, computed to the maturity of the city bonds, be sufficient to pay at maturity all of the bonds for which it is held, the levy of the tax for such sinking fund may then be omitted, but, if by reason of interest or depreciation of investments or other cause said fund shall not be sufficient, the levy shall be resumed.

Section 5. Be it further enacted, That any money remaining in a sinking fund, after payment of the entire bonded debt for which it was accumulated, shall be paid into the general fund.