CITY OF TALLAHASSEE
CITY COMMISSION AGENDA ITEM
ACTION REQUESTED ON: May 13, 2009
SUBJECT/TITLE: Reappointment of Citizen to Serve on the Sinking Fund Commission
TARGET ISSUE: N/A
STATEMENT OF ISSUE
The term of Sinking Fund Commission member J. Kimbrough Davis expires June 2009. Mr. Davis is eligible for and has agreed to serve another term.
The Sinking Fund Commission exists by authority of City Code Part I, Sec. 65, and is composed of the members of the City Commission, and three other experienced and trustworthy citizens and residents of the City who shall be elected by the City Commission.
The Sinking Fund Commission shall manage and control the sinking funds created and accumulated for the retirement and payment of the principal and interest of all bond issues heretofore or hereafter issued by the City. It is the duty of the Sinking Fund Commission to invest said sinking funds to the best advantage of the City, provided, however, that said funds shall be invested only as is now provided by the Charter Act of the City and pursuant to the vote of seven eights of the members of the Sinking Fund Commission. The said commission shall so invest said funds as to provide for sufficient cash moneys to be on hand to promptly meet all payments of interest or principal of any of the bonds of the City when the same may be due.
RECOMMENDED ACTION
REAPPOINT: J. Kimbrough Davis
TERM WILL EXPIRE: June 2012
John Marks, III, Mayor
ATTACHMENTS/REFERENCES