§ 5-203 Funds and revenues pledged to redemption of city debt. Between the city and the holders of its corporate stock redeemable from the several sinking funds of the city established prior to July first, nineteen hundred eighty-one there is hereby declared to be a contract that the funds and revenues of the city, raised pursuant to section two hundred seventy-six of the charter and the rapid transit law as amended shall be applied to such sinking funds until all of such debt redeemable therefrom is fully redeemed and paid.

Terms Used In N.Y. New York City Administrative Code 5-203

  • Contract: A legal written agreement that becomes binding when signed.