Sec. 32.1408  Sinking funds.

    (a) This account shall include the amount of cash and other assets 
which are held by trustees or by the company's treasurer in a distinct 
fund, for

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the purpose of redeeming outstanding obligations.
    (b) Interest or other income arising from funds carried in this 
account shall generally be charged to this account.
    (c) A subsidiary record shall be kept for each sinking fund which 
shall designate the obligation in support of which the fund was created.