2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 5 - (100 - 128) REDEVELOPMENT COMPANIES
121 - Sinking fund.

 
    §  121.  Sinking  fund. Unless other provision be made therefor in the
  contract with the municipality, the supervising agency, if it shall deem
  it feasible at any time, subject to the limitation contained in  section
  one  hundred  seven of this article, may require a redevelopment company
  to provide out  of  earnings,  after  provision  for  distributions  and
  interest,  a  sinking  fund in an amount to be fixed by such supervising
  agency for the gradual retirement of the capital  and  income  debenture
  certificates  of  such company. Such sinking fund may be used either for
  the purchase or retirement, from time to  time,  of  capital  or  income
  debenture certificates at a price approved by the supervising agency not
  exceeding  par  value  thereof  with accrued and unpaid distributions or
  interest, or if it be not practicable to purchase or retire such capital
  or such income debenture certificates at a price so approved, the moneys
  in such sinking fund may be added to the surplus of  such  company.  Any
  capital  evidenced  by shares or income debenture certificates purchased
  or retired out of such sinking fund shall be cancelled and shall not  be
  reissued.