§ 24.11 — Tax receivable notes for the city of Yonkers

New York § 24.11

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 2: Local Obligations: Types Thereof
• Art. 2: Local Indebtedness

Text

§ 24.11 Tax receivable notes for the city of Yonkers. a. The city of\nYonkers may issue tax anticipation notes which are tax receivable notes.\nAs used in this section, the term "tax receivable notes" shall mean tax\nanticipation notes issued pursuant to section 24.00 of this title, which\nshall, upon maturity, at the election of the holder thereof if so\nprovided in such notes, be receivable at full face value of principal\nand interest to the date of maturity and in lieu of cash in payment of\nany tax or installment or portion thereof of the city of Yonkers or any\ninstallment or portion thereof of estimated tax of said city or any\ninterest or penalties thereon as shall be designated by the comptroller\nof the city of Yonkers at the time such tax receivable notes are issued.\nTax receivable notes received in payment of any such tax or installment\nof estimated tax or interest or penalties shall be cancelled by the\nofficer receiving the same, as of the date of maturity. At the time of\nregistration in the name of the taxpayer or at the time of payment in\nlieu of cash by any holder, the taxpayer or holder or any duly\nauthorized agent or attorney thereof shall state in writing in a space\nprovided on the reverse side of the note the taxes to be paid and the\namounts thereof, and shall acknowledge such statement before a notary\npublic, commissioner of deeds or officer of any bank or trust company\nlocated and authorized to do business in the state of New York. Upon the\nacknowledgment of such statement on such note or notes and the delivery\nthereof to the office of the comptroller of the city of Yonkers, the\ntaxes included in such statement shall be satisfied and extinguished to\nthe extent of the face value of principal and interest to maturity of\nsuch note or notes. The term "tax" as used in this section shall mean\nand include all ad valorem taxes or assessments or special benefit\nassessments on real property, all sales, compensating use, or other\ntaxes levied for the municipal purposes of the city of Yonkers. Tax\nreceivable notes registered in the name of the mortgagor of real\nproperty may be accepted by or on behalf of the mortgagee of such real\nproperty in lieu of cash as payment of real property taxes of the city\nof Yonkers, and thereafter the mortgagee may use such note in payment of\nthe real property taxes due from such mortgagor to the city of Yonkers.\n b. Tax receivable notes shall be authorized by a "tax receivable note\nresolution" adopted by the city council and such notes and said\nresolution shall be subject to the provisions of this chapter applicable\nto tax anticipation notes except as otherwise provided by law.\n c. Such notes may be sold at public or private sale at such interest\nrate as the city council of the city of Yonkers shall determine. Such\nnotes may be signed by the facsimile signature of the comptroller and\nthe seal of said city may be imprinted or otherwise reproduced on such\nnotes and attested by the manual signatures of the city clerk or any\ndeputy city clerks appointed by the city council for such purpose.\n d. Notwithstanding the provisions of section 24.00 of this title, or\nof any other law, general, special or local, tax receivable notes may be\nissued by the city of Yonkers during the emergency period established by\nthe financial emergency act for the city of Yonkers, up to one hundred\ntwenty days prior to the commencement of the fiscal year in which the\nreal property taxes or assessments, in anticipation of which such tax\nreceivable notes are to be issued, are to be received or collected and\nsuch notes or any renewals thereof may extend to the end of such fiscal\nyear.\n