N.Y. Public Authorities Law § 2538: Payments to the city

§ 2538. Payments to the city. (a) In the event that the mayor of such

city certifies to the corporation an amount which is not in excess of

one hundred fifty million dollars as the amount which is required by

such city during the city fiscal year nineteen hundred

seventy-three--nineteen hundred seventy-four to enable such city to

provide essential services during such city fiscal year, the corporation

may within the limitation of aggregate indebtedness set forth in section

twenty-five hundred thirty-six of the title, issue its notes or bonds

and deliver such amount to the comptroller of such city for deposit in

the city's general fund.

(b) In the event that the mayor shall include in his proposed expense

budget for the fiscal year nineteen hundred seventy-four--nineteen

hundred seventy-five of such city an estimate of amounts payable from

the corporation, the mayor shall, by July fifteenth of such fiscal year

certify in writing to the corporation the amounts payable from the

corporation which the city council deducted as part of the total amount

of receipts as estimated by the mayor from the amount of the budget in

fixing the tax rate pursuant to section fifteen hundred fifteen of the

New York city charter. The amount as certified shall be the amount which

is required by the city from the corporation. Upon receipt of such

certification, the corporation may, within the limitation of aggregate

indebtedness set forth in section twenty-five hundred thirty-six of this

title, issue its notes or bonds in an amount adequate to provide the

certified amount and shall promptly deliver such amount to the

comptroller for deposit in the city's general fund. Such certification

shall be deemed a finding by the mayor, city council and city board of

estimate that the city is faced with a grave fiscal crisis warranting

such financial assistance by the corporation.