§ 103. Sinking fund administration.

Latest version.

The sinking fund for the redemption of any loan or debt may be invested in any investment instruments as authorized by the laws of the State of Texas and any other applicable law, which may include United States interest bearing bonds or bonds of the State of Texas, or Bexar County, Texas, or in bonds of the City, or of any improvement district thereof and the interest of such bonds, shall be reinvested; and such investment instruments shall be sold when necessary to pay the interest or principal of the bonds issued under the provisions of this section. Said sinking fund may be appropriated at any time to reduce the public debt by the purchase and cancellation of outstanding City bonds, or for the investment of such sinking fund.

(Ord. No. 85965, § 1 (Prop. 1), 5-5-97)

                    
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