(b) The state comptroller is authorized to issue bonds as a single registered bond, executed as provided in subdivision six of this section, in an amount equal to the principal amount of the series of bonds being issued, or more than one registered bond in amounts equal to the principal amount of the series of bonds maturing in a single year, and to deposit the bond or bonds with a securities depository organized under the banking law of the state of New York and qualifying as a clearing agency registered under the United States Securities Exchange Act of 1934, as amended. Book entries representing beneficial ownership of the bonds shall be in denominations determined by the state comptroller.

(c) The state comptroller is authorized to issue bonds as uncertificated securities within the meaning of article eight of the uniform commercial code with beneficial ownership in denominations determined by the state comptroller and exchangeable in book entries in denominations as shall be determined by the state comptroller. 8. Any sinking funds created pursuant to this section shall be maintained and managed by the state comptroller or an agent or trustee designated by the state comptroller and shall be funded in accordance with the requirements of section twelve of article seven of the state constitution. Money in such sinking funds shall be held as cash or shall be invested in direct obligations of the federal government, or obligations the interest on which is exempt from federal income taxation and which are fully secured by direct obligations of the federal government, having such maturities and interest payment dates as required to make all payments to be made from the sinking fund as they come due. Amounts in such sinking funds shall be used solely for the purpose of retiring the bonds secured thereby except that amounts in excess of the required balance on any contribution date and amounts remaining in such funds after all of the bonds secured thereby have been retired shall be deposited in the general fund. No appropriation shall be required for disbursement of money, or income earned thereon, from any sinking fund for the purpose of paying principal of and interest on the bonds for which such fund was created, except that interest shall be paid from any such fund only if, and to the extent that, it is not payable annually and contributions on account of such interest were made to the fund.