Section 5-201
§ 5-201 Collection of income of sinking funds. The comptroller shall
supervise the collection of all moneys due the several sinking funds of
the city established prior to July first, nineteen hundred eighty-one,
and direct all necessary measures to complete their payment.
Section 5-202
§ 5-202 Separate accounts to be kept for the several sinking funds.
The assets and accounts of each of the several sinking funds of the city
established prior to July first, nineteen hundred eighty-one shall be
kept separate and distinct, and they shall in all respects be
administered as independent trusts, with the intent and purpose of
preserving inviolate the rights of holders of corporate stock redeemable
therefrom.
Section 5-203
§ 5-203 Funds and revenues pledged to redemption of city debt. Between
the city and the holders of its corporate stock redeemable from the
several sinking funds of the city established prior to July first,
nineteen hundred eighty-one there is hereby declared to be a contract
that the funds and revenues of the city, raised pursuant to section two
hundred seventy-six of the charter and the rapid transit law as amended
shall be applied to such sinking funds until all of such debt redeemable
therefrom is fully redeemed and paid.
Section 5-204
§ 5-204 Cancellation of city obligations held by the several sinking
funds. It shall be lawful for the comptroller in his or her discretion
from time to time but not before maturity, to cancel any portion of the
indebtedness of the city incurred on or after January first, eighteen
hundred ninety-eight, which may be held by him or her in any sinking
fund of the city established prior to July first, nineteen hundred
eighty-one and which may by law be redeemable from such sinking fund.
Section 5-205
§ 5-205 Procedure for investment of sinking fund moneys. All
obligations which shall be purchased by the comptroller with respect to
the several sinking funds of the city established prior to July first,
nineteen hundred eighty-one shall be transferred to the comptroller, and
all transfers thereof shall be made by the comptroller. Obligations of
the city which shall be purchased by the comptroller shall not be
cancelled by the comptroller until the final redemption of the same, and
all interest accruing therefrom shall regularly be paid to the
appropriate sinking funds.
Section 5-206
§ 5-206 Duties when accumulations in sinking funds are insufficient.
Whenever it shall appear to the mayor that the accumulations in any
sinking fund of the city established prior to July first, nineteen
hundred eighty-one will be insufficient to meet the payment of any
corporate stock falling due in the next following fiscal year redeemable
therefrom, it shall be the mayor's duty to include in the annual budget
for such year, such an amount to be applied to the payment of such
corporate stock as shall be sufficient to meet any such deficiency, and
the amount shall be paid into such sinking fund.
Section 5-207
§ 5-207 Alteration of rates prohibited. It shall be unlawful for the
city to make, or cause to be made, any alteration of rates or charges
affecting any item or source of the revenues of the several sinking
funds established prior to July first, nineteen hundred eighty-one or of
the general fund which may tend to a diminution of the receipts from
such sources of revenue, or either of them, except that it shall be
lawful for the city to exempt places of public worship from the payment
of any fee for the construction of vaults under the sidewalk or in front
thereof.
To the extent possible under law, Friends of Devin Balkind for Public Advocate has waived all copyright and related or neighboring rights to New York City Administrative Code. This work is published from: United States.
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