New York § 72 - 72Sinking fund
Full text of New York New York Consolidated Laws § 72 — 72Sinking fund, with citation guidance and answers to common questions.
§ 72. 72Sinking 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.
Frequently Asked Questions About New York § 72
What does New York Consolidated Laws § 72 cover?
Section 72 ("72Sinking fund") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 72?
A common citation format is "New York Consolidated Laws § 72" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 72 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.