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Form a Business

Deposit of interest and profits from investments; transfer of funds.

Memphis Charter, art. 26, § 170
in effect
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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)
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_ART26SIFUCO_S170DEINPRINTRFUFetched: 10/28/2026

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