Section 15

The sinking fund shall be applied in the first place in payment of all expenses of, or incidental to, the redemption of the debentures and the cost and expenses of all notices required by this Ordinance to be given, and in the next place, and subject to the aforesaid payments, in repayment of the principal monies for the time being represented by the debentures.

Creation of sinking fund for redemption of debentures payable on a fixed date.