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Form a Business

SINKING FUND COMMISSION

Memphis Charter art. 26
in effect

Memphis Charter, art. 26, § 164 Created; composition; terms of members; secretary; quorum.

Sec. 164. - Created; composition; terms of members; secretary; quorum. [The charter of the City of Memphis] is amended so as to create a Sinking Fund Commission for the City of Memphis. Said Sinking Fund Commission shall be composed of the Mayor, the Commissioner of Finances and Institutions, and the Comptroller of the City of Memphis. The term of office of the members of said Sinking Fund Commission shall be co-extensive with the term for which they are elected to their respective offices of Mayor, Commissioner of Finances and Institutions, and Comptroller. The Comptroller shall be the secretary of said Sinking Fund Commission and shall be required to keep the minutes of the proceedings of all meetings held by said Sinking Fund Commission. A majority of the members of the Sinking Fund Commission shall constitute a quorum at any meeting of said Sinking Fund Commission and a majority of said Sinking Fund Commission shall be required to decide any and all questions coming before said Sinking Fund Commission. (Priv. Acts 1987, ch. 497, § 1)

Memphis Charter, art. 26, § 165 Administration and investment of funds.

Sec. 165. - Administration and investment of funds. The Sinking Fund Commission shall have authority to administer all sinking funds of the City of Memphis that have heretofore been created or that may hereafter be created, and in the course thereof, may purchase with any sinking fund, as an investment thereof, bonds of the United States of America, the State of Tennessee, Shelby County, and the City of Memphis. No sinking funds of the City of Memphis shall be invested in the notes, debenture bonds or stocks of persons, firms, or private corporations, nor in real estate mortgages. All bonds purchased by the Sinking Fund Commission with sinking funds created for the retirement of the bonds so purchased shall not be regarded as an investment and said bonds shall not be reissued, but shall be cancelled. (Priv. Acts 1937, ch. 497, § 2)

Memphis Charter, art. 26, § 166 Deposit and sale of bonds generally.

Sec. 166. - Deposit and sale of bonds generally. All bonds purchased by the Sinking Fund Commission which are not required to be cancelled as provided for in the next preceding section, shall be deposited in a safety deposit vault in the City of Memphis to which access can be had only by the Commissioner of Finances and Institutions and the Comptroller of the City of Memphis, jointly. The Sinking Fund Commission shall have authority to sell any of the bonds purchased by it as an investment for any of the sinking funds of the City of Memphis at any time said Sinking Fund Commission shall deem such sale advisable. In the purchase and sale of bonds by the Sinking Fund Commission under the authority herein granted, the Sinking Fund Commission shall do so upon the best obtainable terms. (Priv. Acts 1937, ch. 497, § 3)

Memphis Charter, art. 26, § 167 Resolution for disbursement of funds; approval of checks.

Sec. 167. - Resolution for disbursement of funds; approval of checks. No disbursement shall be made out of any of the sinking funds of the City of Memphis, unless a resolution has been adopted by said Sinking Fund Commission authorizing said disbursement, which resolution shall recite the purposes for which said disbursement is to be made. All checks issued for the payment of principal and interest on bonded indebtedness of the City of Memphis or for disbursements out of sinking funds for investment purposes, shall not be valid unless said checks have been approved by the Mayor, Comptroller, and treasurer of the City of Memphis. (Priv. Act 1937, ch. 497, § 4)

Memphis Charter, art. 26, § 168 Delivery and deposit of proceeds from bond sales.

Sec. 168. - Delivery and deposit of proceeds from bond sales. Whenever the Sinking Fund Commission shall sell any of the bonds that were purchased out of sinking funds for investment purposes, the proceeds of such sale shall be delivered to the treasurer of the City of Memphis immediately after the consummation of said sale, and the Sinking Fund Commission shall be required to instruct the treasurer to deposit said funds in the particular sinking fund out of which said bonds were sold, and the treasurer shall make the deposit of said funds in accordance with such instructions. (Priv. Acts 1937, ch. 497, § 5)

Memphis Charter, art. 26, § 169 Records to be kept.

Sec. 169. - Records to be kept. The secretary of the Sinking Fund Commission shall be required to keep a record in a well-bound book of all transactions authorized by the Sinking Fund Commission. His record book shall at all times disclose the description of the bonds purchased for each sinking fund account for investment purposes, together with the name, numbers, and amount of said bonds. In the purchase and sale of said bonds, the record book shall show the name of the individual, partnership, or corporation with whom each transaction was conducted. (Priv. Acts 1937, ch. 497, § 6)

Memphis Charter, art. 26, § 170 Deposit of interest and profits from investments; transfer of funds.

Sec. 170. - Deposit of interest and profits from investments; transfer of funds. All interest or profits earned on investments made for particular sinking funds shall be deposited to the credit of the sinking fund for the benefit of which the bonds sold were originally purchased. Whenever the amount in any sinking fund exceeds an amount sufficient to pay all of the interest and principal of the bonds for which such sinking fund was created, the Sinking Fund Commission shall have authority to transfer the excess to such other sinking fund as they may deem advisable. (Priv. Acts 1937, ch. 497, § 7)

Memphis Charter, art. 26, § 171 Annual report to Board of Commissioners.

Sec. 171. - Annual report to Board of Commissioners. The Sinking Fund Commission shall be required to make a report to the Board of Commissioners of the City of Memphis on or before November 15th of each year, showing the standing of each sinking fund account of the City of Memphis. (Priv. Acts 1937, ch. 497, § 8)

Memphis Charter, art. 26, § 172 Recommendations as to creation of sinking funds.

Sec. 172. - Recommendations as to creation of sinking funds. The Sinking Fund Commission shall have authority to recommend to the Board of Commissioners the creation of sinking funds for the payment of outstanding bonds for which sinking funds have not heretofore been created, and to that end, furnish the Board of Commissioners with a statement showing the most advantageous method of retiring such outstanding bonds. (Priv. Acts 1937, ch. 497, § 9)

Memphis Charter, art. 26, § 173 Bond required of members.

Sec. 173. - Bond required of members. Each member of the Sinking Fund Commission, before entering upon their duties as members of the Sinking Fund Commission, shall give a good and solvent bond in the sum of $ ____________ , to be approved by the Board of Commissioners of the City of Memphis, conditioned for the faithful performance of their duties under the provisions of this Act, and handling, paying, and accounting for all sinking funds coming into their hands. (Priv. Acts 1937, ch. 497, § 10)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/charter?nodeId=PTICHRELA_ART26SIFUCOFetched: 10/28/2026

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