The Board of Finance for Baltimore City is hereby authorized and directed to: receive the monies directed to be paid to it by the Director of Finance; hold and invest the same as other monies in its charge are held and invested; retain the same as a permanent fund to be used only for the payment of claims as provided in §§ 13-2 and 13-4 of this subtitle; keep a separate account of said fund, together with the earnings thereof, as the “Liability Reserve Fund for Commodity, Service and Construction Contracts” of the Mayor and City Council of Baltimore; and submit annually to the Director of Finance a statement in writing showing the state and amount of said fund. City Code, 1976/83, art. 1, §206 Ord. 86-774