{"data":{"id":"us-ny/n.y.-const.-art.-vii-15","jurisdiction":"us-ny","citation":"N.Y. Const. art. VII, § 15","heading":"Sinking funds; how kept and invested; income therefrom and application thereof","body":"§ 15. The sinking funds provided for the payment of interest and the\nextinguishment of the principal of the debts of the state heretofore\ncontracted shall be continued; they shall be separately kept and safely\ninvested, and neither of them shall be appropriated or used in any\nmanner other than for such payment and extinguishment as hereinafter\nprovided. The comptroller shall each year appraise the securities held\nfor investment in each of such funds at their fair market value not\nexceeding par. The comptroller shall then determine and certify to the\nlegislature the amount of each of such funds and the amounts which, if\nthereafter annually contributed to each such fund, would, with the fund\nand with the accumulations thereon and upon the contributions thereto,\ncomputed at the rate of three per centum per annum, produce at the date\nof maturity the amount of the debt to retire which such fund was\ncreated, and the legislature shall thereupon appropriate as the\ncontribution to each such fund for such year at least the amount thus\ncertified.\n  If the income of any such fund in any year is more than a sum which,\nif annually added to such fund would, with the fund and its\naccumulations as aforesaid, retire the debt at maturity, the excess\nincome may be applied to the interest on the debt for which the fund was\ncreated.\n  After any sinking fund shall equal in amount the debt for which it was\ncreated no further contribution shall be made thereto except to make\ngood any losses ascertained at the annual appraisals above mentioned,\nand the income thereof shall be applied to the payment of the interest\non such debt. Any excess in such income not required for the payment of\ninterest may be applied to the general fund of the state.","path":["Constitution","Article VII. State Finances"],"source_url":"https://legislation.nysenate.gov/api/3/laws/CNS/A7S15","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:44Z","sha256":"e13e5d2badbbb826e17e4122393a867156102bb366eb7ddea1b91aff1234d7ce","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-const.-art.-vii-14","next":"us-ny/n.y.-const.-art.-vii-16"},"notice":"GroundRules: Original legal text. Not legal advice."}