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. 38.14. Liquidation of commingled investments
Latest version.
- If investments on deposit in a sinking fund account are to be sold or transferred and such investments are consolidated with other sinking fund accounts, the State Comptroller may either:(a) liquidate such investments in the market, in which case each affected sinking fund account shall be credited with its pro rata share of the sales price thereof less expenses incurred in connection with the sale (including without limitation applicable brokerage fees or charges); or(b) purchase such investments with amounts on deposit in other sinking fund accounts at the fair market value thereof, in which case each transferor sinking fund account shall be credited with its pro rata share of the fair market value thereof (as certified by a dealer in such investments).