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. 38.12. Insufficient amounts
Latest version.
- If the amount on deposit in the sinking fund account is insufficient to pay sinking fund bonds upon the redemption or maturity thereof, the State Comptroller shall promptly notify the issuer and shall pay the monies on hand in accordance with the instructions of the issuer, provided that after notification of the issuer, the State Comptroller may, in his discretion, deposit such amounts to a court of competent jurisdiction to be disbursed according to the order of such court.