New York Codes Rules Regulations (Last Updated: March 27,2024) |
TITLE 2. Department of Audit and Control |
Chapter II. Municipal Affairs |
Subchapter A. Sales of Bonds and Notes; Debt Statements |
Part 38. Sinking Funds for Bonds of Municipalities and School Districts |
Sec. 38.1. Purpose of regulations
Latest version.
- Section 22.10 of the Local Finance Law provides that municipalities and school districts may issue sinking fund bonds and the State Comptroller shall maintain the sinking funds with respect to such bonds. The purpose of this Part is to establish procedures with respect to the establishment and maintenance of such sinking funds, contributions to be made to such sinking funds, the investment of amounts on deposit in such sinking funds and distributions to be made from such sinking funds.