Section 1. The Sinking Fund Commission shall consist of five persons. Those first appointed under this act shall divide themselves in classes, by lot, so that the term of one of the members shall expire each year. All vacancies shall be filled by appointment, for the term of five years. Councils shall make all necessary rules for the government of this department. All moneys applicable to sinking funds shall be under the charge of the commission, and shall be used for the extinguishment of the city debt.
(1 amended June 27, 1913, P.L.644, No.377)