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