There is a newer version of the New York Consolidated Laws
2006 New York Code - Terms And Conditions With Respect To The General Sinking Fund.
§ 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.
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