2006 New York Code - Sinking funds; how kept and invested; income therefrom and application thereof.

 
    §  15.  The sinking funds provided for the payment of interest and the
  extinguishment of the principal of the debts  of  the  state  heretofore
  contracted  shall be continued; they shall be separately kept and safely
  invested, and neither of them shall  be  appropriated  or  used  in  any
  manner  other  than  for  such payment and extinguishment as hereinafter
  provided. The comptroller shall each year appraise the  securities  held
  for  investment  in  each  of  such funds at their fair market value not
  exceeding par. The comptroller shall then determine and certify  to  the
  legislature  the  amount of each of such funds and the amounts which, if
  thereafter annually contributed to each such fund, would, with the  fund
  and  with  the accumulations thereon and upon the contributions thereto,
  computed at the rate of three per centum per annum, produce at the  date
  of  maturity  the  amount  of  the  debt  to  retire which such fund was
  created,  and  the  legislature  shall  thereupon  appropriate  as   the
  contribution  to  each  such fund for such year at least the amount thus
  certified.
    If the income of any such fund in any year is more than a  sum  which,
  if   annually   added  to  such  fund  would,  with  the  fund  and  its
  accumulations as aforesaid, retire the  debt  at  maturity,  the  excess
  income may be applied to the interest on the debt for which the fund was
  created.
    After any sinking fund shall equal in amount the debt for which it was
  created  no  further  contribution  shall be made thereto except to make
  good any losses ascertained at the annual  appraisals  above  mentioned,
  and  the  income thereof shall be applied to the payment of the interest
  on such debt. Any excess in such income not required for the payment  of
  interest may be applied to the general fund of the state.