N.Y. General City Law § 116: Certificates of deposit

§ 116. Certificates of deposit. The legislative body of a city may

authorize and empower its chief fiscal officer, in his discretion, to

issue certificates of deposit, each in the sum of ten dollars, or any

multiple thereof, and at such a rate of interest, if any, as he shall

prescribe and to sell the same for not less than their face value at

private sale, in such manner and at such times as he deems best for the

public interest so to do. The proceeds of such sales shall be used only

for the purpose for which such certificates of deposit are issued. The

certificates so sold as aforesaid may be used only by the holders

thereof for the payment of taxes and/or assessments levied by the city

when such taxes and/or assessments are or shall become due and payable,

and such certificates shall be taken by the treasurer of such city for

the payment of such taxes and/or assessments at the par value thereof

and any accrued interest thereon, provided, however, that each such

certificate shall cease to bear interest after the expiration of two

years from the date thereof.