N.Y. Comp. Codes R. & Regs. tit. 2 § 38.12
Current through Register Vol. 46, No. 36, September 4, 2024
If the amount on deposit in the sinking fund account is insufficient to pay sinking fund bonds upon the redemption or maturity thereof, the State Comptroller shall promptly notify the issuer and shall pay the monies on hand in accordance with the instructions of the issuer, provided that after notification of the issuer, the State Comptroller may, in his discretion, deposit such amounts to a court of competent jurisdiction to be disbursed according to the order of such court.
N.Y. Comp. Codes R. & Regs. Tit. 2 § 38.12