US Laws, Codes, Statutes & Cases

 
    §  276. Annual appropriations to the sinking funds. For the redemption
  of the corporate stock redeemable from the several sinking funds of  the
  city  established prior to July first, nineteen hundred eighty-one there
  shall be included annually in the budget and  paid  into  each  of  such
  sinking   funds   an  amount  to  be  estimated  and  certified  by  the
  comptroller, which amount shall be not less than the aggregate  of  such
  annual  contributions, as calculated at the time each issue of corporate
  stock redeemable from such sinking fund was made, would be sufficient if
  thereafter  annually  contributed  to  such  fund  together   with   the
  accumulations  of  interest  thereon  computed  at  the rate of four per
  centum per annum to meet and discharge such outstanding corporate  stock
  when  the same shall be payable; provided, however, that if at the close
  of a fiscal year there is in any sinking fund a surplus over  and  above
  the  reserve  required  by  such  sinking  fund  computed as hereinabove
  provided, the comptroller, in estimating the amount to be  included  for
  such  sinking  fund in the budget, shall reduce the amount of the annual
  contributions by the amount of such surplus.
    Amounts received annually from the  operation  of  any  rapid  transit
  railroad  for  the  construction,  equipment  or  acquisition  of  which
  corporate stock redeemable from any such fund shall  have  been  issued,
  shall not be considered or treated as surplus, but such amounts shall be
  deducted from the amount certified by the comptroller for the budget for
  the ensuing year.