§ 22.00 — Sinking fund bonds of the city of New York

New York § 22.00

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 2: Local Obligations: Types Thereof
• Art. 2: Local Indebtedness

Text

§ 22.00 Sinking fund bonds of the city of New York. a. The city of New\nYork may issue sinking fund bonds pursuant to this section for the\nfollowing purposes:\n 1. The supply of water,\n 2. The acquisition, construction or equipment of rapid transit\nrailroads, or\n 3. The construction of docks,\nincluding the acquisition of land in connection with any of such\npurposes.\n b. Sinking fund bonds issued by the city of New York pursuant to this\nsection shall mature at a date not later than the expiration of the\nperiod of probable usefulness of the object or purpose for which they\nare authorized to be issued, as computed from the date of such bonds or,\nif bond anticipation notes shall have been issued in anticipation\nthereof, from the date of the earliest note or notes so issued. Sinking\nfund bonds may be referred to as "corporate stock" or as "term bonds".\n c. Sinking fund bonds heretofore or hereafter issued by the city of\nNew York pursuant to this section shall be redeemable from the sinking\nfunds provided therefor pursuant to the New York city charter and the\nadministrative code of the city of New York.\n d. The provisions of this section shall not be construed to prohibit\nthe city of New York from issuing sinking fund bonds pursuant to section\n22.10 of this chapter for any of the purposes for which sinking fund\nbonds may be issued pursuant to such section.\n