Chapter 4 ADMINISTRATION OF GOVERNMENT.

Section 4-33 SINKING FUND; INTEREST ON OUTSTANDING BONDS

A.  The Town Manager shall, in preparing budgets for the future years for the consideration of the Council of the town, set up a sufficient sum per year to be covered in the sinking fund of the town to create sufficient funds in the sinking fund of the town to retire outstanding bonds as they mature or become callable.

B.    An additional amount sufficient to pay interest on outstanding bonds shall be also set up each year in the budget when made up for the consideration of the Town Council.