§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]