Section 22.00. Sinking fund bonds of the city of New York

a. The city of New
  York  may  issue  sinking  fund  bonds  pursuant to this section for the
  following purposes:
    1. The supply of water,
    2.  The  acquisition,  construction  or  equipment  of  rapid  transit
  railroads, or
    3. The construction of docks,
  including  the  acquisition  of  land  in  connection  with  any of such
  purposes.
    b. Sinking fund bonds issued by the city of New York pursuant to  this
  section  shall  mature  at  a  date not later than the expiration of the
  period of probable usefulness of the object or purpose  for  which  they
  are authorized to be issued, as computed from the date of such bonds or,
  if  bond  anticipation  notes  shall  have  been  issued in anticipation
  thereof, from the date of the earliest note or notes so issued.  Sinking
  fund bonds may be referred to as "corporate stock" or as "term bonds".
    c.  Sinking  fund  bonds heretofore or hereafter issued by the city of
  New York pursuant to this section shall be redeemable from  the  sinking
  funds  provided  therefor  pursuant to the New York city charter and the
  administrative code of the city of New York.
    d. The provisions of this section shall not be construed  to  prohibit
  the city of New York from issuing sinking fund bonds pursuant to section
  22.10  of  this  chapter  for any of the purposes for which sinking fund
  bonds may be issued pursuant to such section.