§ 5-205 Procedure for investment of sinking fund moneys.

All obligations which shall be purchased by the comptroller with respect to the several sinking funds of the city established prior to July first, nineteen hundred eighty-one shall be transferred to the comptroller, and all transfers thereof shall be made by the comptroller. Obligations of the city which shall be purchased by the comptroller shall not be cancelled by the comptroller until the final redemption of the same, and all interest accruing therefrom shall regularly be paid to the appropriate sinking funds.

§ 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.