N.Y. Local Finance Law § 85.80: Authority for municipality or emergency financial control board to file petition under federal statute

§ 85.80 Authority for municipality or emergency financial control

board to file petition under federal statute. A municipality or its

emergency financial control board in addition to, or in lieu of, filing

a petition under this title, or the city of New York or the New York

state financial control board, may file any petition with any United

States district court or court of bankruptcy under any provision of the

laws of the United States, now or hereafter in effect, for the

composition or adjustment of municipal indebtedness. Nothing contained

in this title shall be construed to limit the authorization granted by

this section. However, no municipality shall file any petition

authorized by this section for so long as its local ARRA bonds, as

defined in section twenty-four hundred thirty-two of the public

authorities law, purchased by the state of New York municipal bond bank

agency and secured by its pledge of tax revenues pursuant to the

authority of section twenty-four hundred thirty-six-b of the public

authorities law remain outstanding.