New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter II - Municipal Affairs
Subchapter A - Sales Of Bonds And Notes; Debt Statements
Part 38 - Sinking Funds For Bonds Of Municipalities And School Districts
Section 38.12 - Insufficient amounts
Universal Citation: 2 NY Comp Codes Rules and Regs ยง 38.12
Current through Register Vol. 46, No. 39, September 25, 2024
If the amount on deposit in the sinking fund account is insufficient to pay sinking fund bonds upon the redemption or maturity thereof, the State Comptroller shall promptly notify the issuer and shall pay the monies on hand in accordance with the instructions of the issuer, provided that after notification of the issuer, the State Comptroller may, in his discretion, deposit such amounts to a court of competent jurisdiction to be disbursed according to the order of such court.
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