§ 22.10 Sinking fund bonds of municipalities and school districts. a.\nAny municipality or school district may issue sinking fund bonds for any\nobject or purpose for which serial bonds may be issued.\n b. Sinking fund bonds shall mature at a date not later than the\nexpiration of the period of probable usefulness of the object or purpose\nfor which they are authorized to be issued, as computed from the date of\nsuch bonds or, if bond anticipation notes shall have been issued in\nanticipation thereof, from the date of the earliest note or notes so\nissued; provided, however, that such bonds shall not mature at a date\nthat is later than fifty years from the date of such bonds or, if bond\nanticipation notes shall have been issued in anticipation thereof, from\nthe date of the earliest note or notes so issued. Sinking fund bonds may\nbe referred to as "term bonds".\n c. Sinking fund bonds shall be redeemed through annual contributions\nto sinking funds established by the municipality or school district\nissuing such sinking fund bonds. Each annual contribution shall be at\nleast equal to the amount required, if any, to enable the sinking fund\nto redeem, on the date of the contribution, the same amount of\nindebtedness as would have been paid and then be payable if such\nindebtedness had been financed entirely by the issuance of serial bonds,\nexcept, if an issue of sinking fund bonds is combined for sale with an\nissue of serial bonds, for the same object or purpose, then the amount\nof each such annual contribution shall be at least equal to the amount\nrequired, if any, to enable the sinking fund to redeem, on the date of\neach such annual contribution, (i) the amount which would be required to\nbe paid annually if such indebtedness had been issued entirely as serial\nbonds, less (ii) the amount of indebtedness, if any, to be paid during\nsuch year on the portion of such indebtedness actually issued as serial\nbonds. There shall be established within a sinking fund established by\na municipality or school district an account for the amortization and\nredemption of each issue of sinking fund bonds issued by such\nmunicipality or school district. At the time of the issuance of sinking\nfund bonds, the municipality or school district issuing such bonds shall\nestablish and deliver to the state comptroller a schedule setting forth\nthe amount required to be on deposit in the account established for the\nredemption of such bonds for each year following the year of issuance of\nsuch bonds until the year in which all the bonds of such issue are to be\nredeemed. Each account shall be maintained at or above the amount\nrequired to be on deposit pursuant to such schedule less the principal\namount of sinking fund bonds acquired pursuant to subparagraph (e) of\nsubdivision four of paragraph d of this section or purchased by or on\nbehalf of the municipality or school district and thereupon cancelled or\npaid or for payment of which funds have been duly transferred to the\nfiscal agent of the municipality or school district that issued the\nbonds redeemable from such account. Not less than fifteen days nor more\nthan thirty days prior to the date on which the annual contribution\nshall be made, the municipality or school district shall calculate the\namount expected to be on deposit in the sinking fund on such date and\nshall certify such amount to the state comptroller. The municipality or\nschool district shall annually appropriate for deposit in the sinking\nfund an amount equal to the difference between the amount required to be\non deposit in the sinking fund in accordance with the provisions of this\nparagraph and the amount on deposit therein on the date the annual\ncontribution is to be made.\n d. Sinking funds shall be maintained and managed by the state\ncomptroller pursuant to the provisions set forth below:\n 1. (a) Moneys deposited and retained in each account in the sinking\nfunds to be maintained and managed by the
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