§ 15. Transfer of sums from any funds to interest funds; and investments in depositories.

Latest version.

Whenever there shall not be sufficient moneys, in any of the interest funds for the bonded indebtedness of the city to pay the interest on such bonded indebtedness when due, the council shall direct the transfer from the general or any other fund having moneys therein to such interest funds the necessary amounts of money to pay the interest on said bonded indebtedness, and the amount so transferred shall be returned to the respective funds from which such transfer was made whenever sufficient moneys shall accrue in said bonded indebtedness funds, from the regular tax levied therefor.

The council may cause city moneys to be deposited or invested in any depository or other investment so long as such deposit or investment is not contrary to the laws of the state.

(3-16-76)

                    
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