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§ 5-206 — Duties when accumulations in sinking funds are insufficient

New York City Administrative Code (current through L.L. 2026/147, enacted September 12, 2026, and amendments effective through October 10, 2026) · NYC Admin. Code § 5-206

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§ 5-206 Duties when accumulations in sinking funds are insufficient.

Whenever it shall appear to the mayor that the accumulations in any sinking fund of the city established prior to July first, nineteen hundred eighty-one will be insufficient to meet the payment of any corporate stock falling due in the next following fiscal year redeemable therefrom, it shall be the mayor's duty to include in the annual budget for such year, such an amount to be applied to the payment of such corporate stock as shall be sufficient to meet any such deficiency, and the amount shall be paid into such sinking fund.