N.Y. Local Finance Law § 24.10: Tax receivable notes

§ 24.10. Tax receivable notes. The city of New York may issue tax

anticipation notes which are tax receivable notes. As used in this

section, the term "tax receivable notes" shall mean tax anticipation

notes issued pursuant to section 24.00 of this title, which shall, upon

maturity, at the election of the holder thereof if so provided in such

notes, be receivable at full face value and in lieu of cash in payment

of any tax of the city of New York, any installment of estimated tax of

the city of New York, or any interest or penalties thereon, as shall be

designated by the comptroller of the city of New York at the time such

tax receivable notes are issued. Tax receivable notes received in

payment of any such tax or installment of estimated tax or interest or

penalties shall be cancelled by the officer receiving the same, as of

the date of their receipt.