§47-32 Retirement of bonds from sinking fund money. The director of finance, without further authorization or direction, shall apply money on deposit to a sinking fund to redeem bonds at such times and in such amounts as is required by the proceedings authorizing the bonds. The director of finance shall provide a notice of redemption in the event the bonds are retired by redemption, in such form and substance as is required by the proceedings authorizing the bonds. If the bonds so redeemed as aforesaid are not presented for payment or redemption on or before the redemption date specified in the notice, the amount due thereon shall be held exclusively for the payment of the bonds whenever presented. All redemptions shall be made as provided by law and no notice of redemption shall be required other than that as provided in the proceedings authorizing the bonds. [L 1989, c 80, pt of §2]
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