N.Y. Local Finance Law § 22.00: Sinking fund bonds of the city of New York

§ 22.00 Sinking fund bonds of the city of New York. a. The city of New

York may issue sinking fund bonds pursuant to this section for the

following purposes:

1. The supply of water,

2. The acquisition, construction or equipment of rapid transit

railroads, or

3. The construction of docks,

including the acquisition of land in connection with any of such

purposes.

b. Sinking fund bonds issued by the city of New York pursuant to this

section shall mature at a date not later than the expiration of the

period of probable usefulness of the object or purpose for which they

are authorized to be issued, as computed from the date of such bonds or,

if bond anticipation notes shall have been issued in anticipation

thereof, from the date of the earliest note or notes so issued. Sinking

fund bonds may be referred to as "corporate stock" or as "term bonds".

c. Sinking fund bonds heretofore or hereafter issued by the city of

New York pursuant to this section shall be redeemable from the sinking

funds provided therefor pursuant to the New York city charter and the

administrative code of the city of New York.

d. The provisions of this section shall not be construed to prohibit

the city of New York from issuing sinking fund bonds pursuant to section

22.10 of this chapter for any of the purposes for which sinking fund

bonds may be issued pursuant to such section.