17-518. Streets; improvement; sinking fund; investment.
Pending final redemption of warrant or warrants or bond or bonds for paving issued under section 17-516, the city treasurer or village treasurer is authorized to invest such sinking fund in interest-bearing time certificates of deposit in depositories approved and authorized to receive county funds, but in no greater amount in any depository than such depository is authorized to receive deposits of county funds; and the interest arising from such certificate of deposit shall be credited to its respective sinking fund as provided by law.
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