16. The sinking fund commission shall, on or before the fifteenth day of December of
each year, certify to the state treasurer the amount required for the payment of the
interest falling due prior to December thirtieth of the year following the ensuing
calendar year and not otherwise provided for, and the sinking fund requirements for
the ensuing calendar year for all outstanding bonds, and the interest requirements,
as above stipulated, for bonds it is proposed to issue in the ensuing calendar year. The said certificate of such commission shall be conclusive and binding upon the
state treasurer and the state treasurer shall pay to the sinking fund commission the
amount so certified from the tax hereby imposed and received by him, on or before
the thirty-first day of December of the year following the date fixed for the certification. For the purpose of determining the amount of the fund in hand at any time the sinking
fund commission shall value the securities and investments of the sinking funds at
not exceeding their par value, and for the purpose of calculating the amount to be
certified, any surplus in the sinking fund over and above the requirements as herein
set forth, may be used to reduce the amount to be certified.
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