N.Y. Second Class Cities Law § 72: Sinking fund

§ 72. Sinking fund. Unless under special laws governing the city at

the time this chapter takes effect provision is made for the creation or

maintenance of a sinking fund or funds for any purpose, thirty per

centum of all moneys or revenues received by any city which has term

bonds outstanding and unpaid, or by any officer, board or department

thereof, from any source other than taxes or loans shall, upon receipt

of the same, be forthwith deposited in a separate account or accounts in

one or more of the designated fiscal depositories of the city to the

credit of the bonded indebtedness of the city, and said deposit shall be

known as the sinking fund. The sinking fund shall be used exclusively

for the payment, as it matures, of the principal of the indebtedness of

the city evidenced by term bonds other than bonds issued for

improvements financed by assessments for benefit or bonds issued prior

to the effective date of the local finance law, in anticipation of the

collection of revenues. If, under the special laws governing the city at

the time this chapter takes effect, provision is made for the creation

or maintenance of a sinking fund or funds for any purpose, such sinking

fund or funds shall continue and be maintained as provided in such laws.