US Laws, Codes, Statutes & Cases

 
    §  293. Terms and conditions with respect to the general sinking fund.
  a.  The comptroller may:
    (1) provide for the redemption, purchase  and  cancellation  prior  to
  maturity of sinking fund bonds redeemable from the general sinking fund;
    (2)  establish  accounts  within  the  general  sinking  fund  for the
  amortization and redemption of specific issues of sinking fund bonds and
  provide for restrictions on the use of assets of any  such  account  for
  purposes  other  than  the  redemption  of  the sinking fund bonds to be
  redeemed from such account; and
    (3) subject to the rights of bondholders and notwithstanding any other
  provision of this charter (i) withdraw moneys from the  general  sinking
  fund,  or (ii) transfer any or all responsibility for the administration
  and management of the general sinking fund and the custody of securities
  and other  assets  contained  therein  to  any  bank  or  trust  company
  incorporated in this state, or any national bank located in this state.
    b.  The  sinking fund bonds of a particular series redeemable from the
  general sinking  fund  may  differ  among  themselves  in  their  stated
  maturities, rates of interest and applicable redemption provisions.
    c. A schedule of annual or semiannual payments shall be established at
  the time of issuance of any series of sinking fund bonds redeemable from
  the general sinking fund sufficient to provide for the redemption of the
  principal  amount of such bonds, and annual appropriations shall be made
  to the  general  sinking  fund  in  accordance  with  such  schedule  of
  payments.