§ 72 — Sinking fund

New York § 72

• Jurisdiction: New York
• Law SCC: Second Class Cities
• Art. 6: Department of Finance

Text

§ 72. Sinking fund. Unless under special laws governing the city at\nthe time this chapter takes effect provision is made for the creation or\nmaintenance of a sinking fund or funds for any purpose, thirty per\ncentum of all moneys or revenues received by any city which has term\nbonds outstanding and unpaid, or by any officer, board or department\nthereof, from any source other than taxes or loans shall, upon receipt\nof the same, be forthwith deposited in a separate account or accounts in\none or more of the designated fiscal depositories of the city to the\ncredit of the bonded indebtedness of the city, and said deposit shall be\nknown as the sinking fund. The sinking fund shall be used exclusively\nfor the payment, as it matures, of the principal of the indebtedness of\nthe city evidenced by term bonds other than bonds issued for\nimprovements financed by assessments for benefit or bonds issued prior\nto the effective date of the local finance law, in anticipation of the\ncollection of revenues. If, under the special laws governing the city at\nthe time this chapter takes effect, provision is made for the creation\nor maintenance of a sinking fund or funds for any purpose, such sinking\nfund or funds shall continue and be maintained as provided in such laws.\n