Section 296. Investments.

Subject to subdivision a of section two hundred ninety-three, the comptroller may invest the moneys of the general sinking fund or any additional sinking funds established pursuant to section two hundred ninety-eight in any securities in which the city is authorized to invest, including but not limited to the following securities:

   (1)   Obligations of the city of New York;

   (2)   Obligations of the state of New York;

   (3)   Obligations of the United States or of any agency, subdivision, department, division or instrumentality thereof, or obligations fully guaranteed or insured as to interest and principal by an agency, subdivision, department, division or instrumentality of the United States, acting pursuant to a grant of authority from the congress of the United States;

   (4)   Obligations of the municipal assistance corporation for the city of New York.

Section 297. [Monthly and annual reports.]

The provisions of sections two hundred seventy-seven and two hundred seventy-eight of the charter shall apply to the general sinking fund and any additional sinking funds established pursuant to section two hundred ninety-eight.

Section 298. Additional sinking funds.

On or after July first nineteen hundred eighty-one the comptroller may establish from time to time additional sinking funds to amortize and redeem any or all of the sinking fund bonds issued and sold from time to time by the city of New York on or after that date for any purpose for which sinking fund bonds may be authorized excepting sinking fund bonds which are redeemable from the sinking fund of the city of New York, the water sinking fund of the city of New York, the rapid transit sinking fund of the city of New York or the general sinking fund. Notwithstanding any inconsistent provision of section two hundred ninety-three, such additional sinking funds shall be established with such terms and conditions as the comptroller shall prescribe.

Section 299. [Redemption from sinking funds established prior to July first, nineteen hundred eighty-one.]

The comptroller shall determine whether sinking fund bonds issued on or after July first, nineteen hundred eighty-one shall be redeemable from any of the several sinking funds of the city established prior to July first nineteen hundred eighty-one, the general sinking fund or any of the additional sinking funds established pursuant to section two hundred ninety-eight.