Sec. 1. - Purpose; composition; investment; management.
There shall be a sinking fund for the payment, retirement or amortization of the outstanding bonds of the said city. It shall consist of the cash and securities in the sinking fund at the effective date of this charter, the sums hereinafter required to be paid into the said fund and the interest earned on investments. There shall be paid into the said fund annually the sum determined by the city council. The said fund may be invested only in bonds or other direct obligations of the city, the commonwealth or the United States.
The management of the said fund from the effective date of this charter shall be entrusted to a sinking fund commission which shall consist of the president of the council, the city treasurer and the city manager, who shall submit to the council reports as to the condition of the said fund as the council may require.