§ 25.00 — Revenue anticipation notes

New York § 25.00

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

Text

§ 25.00 Revenue anticipation notes. a. As used in this section:\n 1. The term "taxes" shall mean taxes other than real estate taxes.\n 2. The terms "rents," "rates" or "charges" shall mean sewer or water\nrents, rates or charges.\n 3. The term "moneys" shall mean moneys to be received from the state,\nthe United States government or from the county as a portion of the\ndistribution of the county sales and compensating use tax, and for\nspecial act public school districts enumerated in chapter five hundred\nsixty-six of the laws of nineteen hundred sixty-seven, as amended, shall\nalso mean tuition payments to be received from public school districts\nand social services districts.\n 4. The term "other income" shall mean income derived from electric\nlight and power plants or distribution systems, or other utility plants\nor distribution systems, or any other type of income producing\nfacilities or operations owned and operated by a municipality or a\ndistrict corporation.\n 5. The term "revenue" includes taxes, rents, rates, charges, moneys\nand other income.\n b. (1) Revenue anticipation notes may be issued by any municipality,\nschool district or district corporation in anticipation of: the\ncollection or receipt of revenue, provided that each such note shall be\nissued only against a specific type of revenue, or for the purpose of\nrenewing a previously issued revenue anticipation note.\n (2) Notwithstanding the provisions of paragraph one of this\nsubdivision, revenue anticipation notes may be issued by the city of New\nYork for revenues receivable from state and federal governments on an\noverall basis, rather than by specific sources of revenue.\n c. 1. Revenue anticipation notes may be issued during any fiscal year\nin which such taxes, rents, rates or charges or other income in\nanticipation of which such notes are issued become due and payable or\nsuch moneys become due; however, such notes may be issued by a school\ndistrict in anticipation of moneys to be received in a fiscal year\nduring the two weeks prior to the commencement of such fiscal year.\n 2. In addition to the powers granted by subparagraph one of this\nparagraph c or by any other provision of this section, the city of New\nYork may issue revenue anticipation notes in anticipation of a specific\ntype of revenue, as defined in this sub-paragraph two, which is to be\nreceived or collected by such city in the fiscal year of such city\ncommencing after the fiscal year during which such notes are issued, in\nan amount not exceeding the portion of such specific type of revenue\nestimated by the mayor of such city to be attributable to or based upon\ntransactions or activities occurring during the months of April, May and\nJune of the fiscal year during which such notes are issued, less the\namount of such portion of such specific type of revenue so estimated by\nthe mayor, which has actually been received or collected at the time of\nthe issuance of such notes and the amount of any outstanding revenue\nanticipation notes issued against such portion of such specific type of\nrevenue so estimated by the mayor. The proceeds of notes issued pursuant\nto this sub-paragraph two may be applied to any purposes or expenditures\nof the fiscal year of such city during which such notes are issued,\nincluding payment into the general fund of such city for use during such\nfiscal year, or for the redemption of notes in renewal of which such\nnotes were issued. The provisions of paragraph d of this section shall\nnot apply to revenue anticipation notes issued pursuant to this\nsubparagraph two. As used in this subparagraph two, the term "revenue"\nshall mean any taxes, rents, rates, charges, moneys or other income as\ndefined in paragraph a of this section, imposed, charged or received by\nsuch city pursuant to any state or local law heretofore or hereafter\nenacted and attributable to or based upon transactions or activities\noccurring in the months of April, May and June of a fiscal year during\nwhich revenue anticipation notes are issued by such city pursuant to\nthis subparagraph two and which is to be received or collected by such\ncity in the fiscal year commencing after such April, May and June, and\nshall include, but not be limited to: (a) taxes imposed under titles G,\nM, N, V of chapter forty-six of the administrative code of the city of\nNew York with respect to which returns are required to be filed in\naccordance with the provisions of subdivision (e) of section twelve\nhundred fifty-one of the tax law; (b) taxes imposed under titles P and Q\nof chapter forty-six of such code with respect to which returns are\nrequired to be filed on or before the twenty-fifth day of July, nineteen\nhundred sixty-five for the calendar month of June, nineteen hundred\nsixty-five; (c) taxes imposed by such city pursuant to chapter two\nhundred fifty-seven of the laws of nineteen hundred sixty-three as\nheretofore or hereafter amended or supplemented; (d) taxes imposed by\nsuch city by local laws adopted or amended after April eleventh,\nnineteen hundred sixty-five, pursuant to article twenty-nine of the tax\nlaw as heretofore or hereafter amended or supplemented; (e) taxes\npayable into the general fund of the city of New York pursuant to\nsection two hundred sixty-one of the tax law as heretofore or hereafter\namended or supplemented; (f) charges for the supply of water by such\ncity in accordance with meter rates and minimum charges for such supply\nof water measured by meter, payable as prescribed by section 415\n(1)-17.0 of the administrative code of the city of New York as\nheretofore or hereafter amended or supplemented; (g) the amounts payable\nto such city pursuant to subdivision two of section one hundred twelve-a\nof the highway law as heretofore or hereafter amended or supplemented;\n(h) the amounts payable into the general fund of such city pursuant to\nsection eighty-nine of the state finance law as heretofore or hereafter\namended or supplemented; and (i) taxes imposed by such city pursuant to\nchapter two hundred thirty-five of the laws of nineteen hundred\nfifty-two as heretofore or hereafter amended.\n d. The total amount of revenue anticipation notes which a\nmunicipality, school district or district corporation may issue in\nanticipation of the collection or receipt of a specific type of revenue\nshall be determined in the following manner:\n 1. In a municipality, school district or district corporation in which\nan annual budget is prepared and adopted for a fiscal year prior to the\ncommencement thereof, such amount shall be\n (a) The amount of such specific type of revenue as estimated in the\nannual budget of such municipality, school district or district\ncorporation for such fiscal year, or the amount of such specific type of\nrevenue recognized for the fiscal year preceding that for which such\nbudget is to be or has been adopted, whichever amount is the smaller,\nless\n (b) The amount of such specific type of revenue so estimated in such\nbudget which has actually been received or collected at the time of the\nissuance of such notes, and the amount of any outstanding revenue\nanticipation notes issued against such specific type of revenue for the\nfiscal year for which such notes are to be issued. For such a\nmunicipality, school district or district corporation, the term\n"estimated amount" as used in paragraph g of this section shall mean the\nsmaller amount determined in item (a) of this subdivision prior to the\ndeductions required by this item.\n The provisions of this subdivision shall not be applicable (1) where a\nspecific type of revenue has not been estimated in such budget and in\nthat case such amount shall be the amount of such revenue as is\nestimated by the chief fiscal officer to be recognized for the fiscal\nyear for which such budget has been adopted, or (2) where a specific\ntype of revenue has not been recognized for the entire fiscal year\npreceding that for which such budget has been adopted and in that case\nsuch amount shall be the amount, if any, of the specific type of revenue\nas estimated in the annual budget, less, in either case, the amount of\nsuch specific type of revenue which has actually been received or\ncollected at the time of the issuance of such notes, and the amount of\nany outstanding revenue anticipation notes issued against such specific\ntype of revenue for the fiscal year for which such notes are to be\nissued.\n 2. In a municipality, school district or district corporation in which\nan annual budget is not prepared or in which an annual budget is\nprepared for a fiscal year but is adopted subsequent to the commencement\nthereof, such amount shall be\n (a) The amount of such specific type of revenue recognized for the\nfiscal year next preceding the fiscal year for which such notes are to\nbe issued, or the amount of such specific type of revenue recognized for\nthe second fiscal year preceding the fiscal year for which such notes\nare to be issued, whichever amount is the smaller, less\n (b) The amount of such specific type of revenue for the fiscal year\nfor which such notes are to be issued, which has actually been received\nor collected at the time of the issuance of such notes, and the amount\nof any outstanding revenue anticipation notes issued against such\nspecific type of revenue for the fiscal year for which such notes are to\nbe issued. For such a municipality, school district or district\ncorporation, the term "estimated amount" as used in paragraph g of this\nsection shall mean the smaller amount determined in item (a) of this\nsubdivision prior to the deductions required by this item.\n The provisions of this subdivision shall not be applicable where a\nspecific type of revenue has not been recognized for the entire fiscal\nyear next preceding the fiscal year for which such budget is to be or\nhas been adopted and in that case such amount shall be the amount of\nsuch revenue as is estimated in such budget or, if there is no such\nestimate, then the amount of such revenue as is estimated by the chief\nfiscal officer to be recognized for the fiscal year for which such\nbudget is to be adopted, less the amount of such specific type of\nrevenue for the fiscal year for which such budget is to be or has been\nadopted which has actually been collected or received at the time of the\nissuance of such notes, and the amount of any outstanding revenue\nanticipation notes issued against such specific type of revenue.\n * 3. Notwithstanding the provisions of subdivisions one and two of\nthis paragraph, if the restrictions imposed therein upon the amount for\nwhich revenue anticipation notes may be issued against any specific type\nof revenue in any fiscal year shall cause undue hardship upon any\nmunicipality, school district or district corporation, any such\nmunicipality, school district or district corporation may apply to the\nstate comptroller for authority to issue such notes in an amount not in\nexcess of the amount of such specific type of revenue as estimated in\nthe annual budget of, or contemplated to be collected or received by,\nany municipality, school district or district corporation for or during\nthe fiscal year in which such taxes, rents, rates, charges or other\nincome shall become due and payable or such moneys become due. Such\napplication shall be in writing and shall be signed and verified by the\nchief fiscal officer of the municipality, school district or district\ncorporation. The state comptroller shall prescribe the procedure in any\nsuch proceeding and the information to be furnished to him necessary to\nmake such determination. The state comptroller shall have power in any\nsuch proceeding to determine if such restrictions have caused, or will\ncause, an undue hardship upon any such municipality, school district or\ndistrict corporation, and, if he so determines, then he shall have power\nto authorize any such municipality, school district or district\ncorporation to issue such notes in an amount not in excess of the\nlimitation hereinabove expressed in this subdivision, and such\ndetermination and authorization by the state comptroller shall be\nconclusive as to the amount of such notes which may be issued against\nany such specific type of revenue.\n * NB There are 2 subdivision 3's of paragraph d\n * 3. Notwithstanding any other provisions of this paragraph d in the\ncity of New York such amount shall be\n (a) The amount of such specific type of revenue consisting of revenue\nother than moneys, as is estimated in the annual budget of such city to\nbe collected or received in the fiscal year for which such budget has\nbeen adopted, and the amount of such specific type of revenue consisting\nof moneys as is estimated in the annual budget of such city to be due in\nthe fiscal year for which such budget has been adopted, less\n (b) The amount of such specific type of revenue so estimated in such\nbudget which has actually been received or collected at the time of the\nissuance of such notes, and the amount of any outstanding revenue\nanticipation notes issued against such specific type of revenue for the\nfiscal year in which such taxes, rents, rates, charges or other income\nbecome due and payable or in which such moneys become due. For the city\nof New York, the term "estimated amount" as used in paragraph g of this\nsection shall mean the amount determined in item (a) of this\nsubparagraph three prior to the deduction required by item (b) of this\nsubparagraph three.\n The provisions of this subparagraph three shall not be applicable\nwhere a specific type of revenue has not been estimated in such budget\nand in that case such amount shall be the amount of such specific type\nof revenue consisting of revenue other than moneys, as is estimated by\nthe mayor to be collected or received in the fiscal year for which such\nbudget has been adopted, and the amount of such specific type of revenue\nconsisting of moneys as is estimated by the mayor to be due in the\nfiscal year for which such budget has been adopted, less the amount of\nsuch specific type of revenue which has actually been received or\ncollected at the time of the issuance of such notes, and the amount of\nany outstanding revenue anticipation notes issued against such specific\ntypes of revenue for the fiscal year in which such taxes, rents, rates,\ncharges or other income become due and payable or in which such moneys\nbecome due.\n * NB There are 2 subdivision 3's of paragraph d\n 4. Whenever this paragraph requires a determination or estimate of the\namount of a specific type of revenue recognized or to be recognized for\na fiscal year, such determination or estimate shall be made in\nconformance with the basis of accounting used by the municipality,\nschool district or district corporation to prepare the most recent\nannual financial report filed pursuant to section thirty of the general\nmunicipal law.\n d-2. The provisions of paragraph d of this section shall not be\napplicable to revenue anticipation notes issued in anticipation of the\nreceipt of moneys from the federal government pursuant to title one of\nthe housing act of nineteen hundred forty-nine, as amended.\n e. The proceeds of revenue anticipation notes shall be used only for\nthe purpose of (1) meeting expenditures payable from the type of revenue\nin anticipation of which such notes were issued, or (2) for the\nredemption of notes in renewal of which such notes were issued.\n f. Revenue anticipation notes shall mature within one year and may be\nrenewed from time to time, but each renewal shall be for a period not\nexceeding one year and in no event shall such notes, or the renewals\nthereof, extend beyond the close of the second fiscal year succeeding\nthe fiscal year in which such notes were issued. Such notes shall not be\nrenewed in an amount in excess of the difference between the amount of\nthe uncollected or unreceived revenue in anticipation of which they were\nissued and the amount of any other outstanding revenue anticipation\nnotes issued in anticipation of the collection or receipt of such\nrevenue.\n g. Whenever the amount of revenue anticipation notes issued for a\nfiscal year against a specific type of revenue shall equal the estimated\namount of such specific type of revenue in anticipation of the\ncollection or receipt of which such notes shall have been issued, less\nthe amount of such revenue actually received or collected, all of such\nrevenue, as thereafter received or collected, shall be set aside in a\nspecial bank account to be used only for the payment of such revenue\nanticipation notes as they become due. Any municipality, school district\nor district corporation may make budgetary appropriations for the\nredemption of revenue anticipation notes whether or not required or\notherwise authorized by law to do so. In the event such an appropriation\nis made, such municipality, school district or district corporation\nshall not be required to pay into the special account the proceeds of\nthe specific type of revenue against which such notes were issued but\nsuch proceeds may be used in the manner provided by law or if there is\nno provision of law pertaining to the use of such proceeds, such\nproceeds shall be treated as surplus moneys for the fiscal year in which\nthey are collected.\n h. Notwithstanding the provisions of paragraph b of this section any\nmunicipality, school district or district corporation may issue a single\nrevenue anticipation note in anticipation of the collection or receipt\nof any number of, or all, specific types of revenue, providing that the\namount of indebtedness to be contracted against each specific type of\nrevenue shall be stated in the resolution or certificate authorizing the\nissuance of such note, and such amount shall not exceed the respective\namounts of indebtedness which could be contracted against each specific\ntype of revenue under any other paragraph of this section. The proceeds\nof any such single revenue anticipation note shall be severable\naccording to the specific types of revenue against which indebtedness\nhas been therein contracted and shall be treated in the same manner as\nthe proceeds of separate revenue anticipation notes, each of which was\nissued against a specific type of revenue, would have been applied. Any\nmunicipality, school district or district corporation which issues any\nsuch single revenue anticipation note shall comply with the provisions\nof paragraph g of this section, except that for the purposes of such\nparagraph (1) any such single revenue anticipation note shall be treated\nas a group of separate revenue anticipation notes, each issued against a\nspecific type of revenue, and (2) the amount issued against each\nspecific type of revenue shall be the amount stated in the resolution or\ncertificate authorizing the issuance of any such single revenue\nanticipation note. The municipality, school district or district\ncorporation shall keep proper records which will show at all times the\nunpaid balances due on any such single revenue anticipation note\naccording to the types of revenue against which such note was issued.\n i. (a) A board of cooperative educational services may issue revenue\nanticipation notes, as authorized by paragraph g of subdivision four of\nsection nineteen hundred fifty of the education law, in anticipation of\nmoney to be received from the state, the United States government, and\nfrom its component school districts for services or for administrative\nand clerical expenses.\n (b) For the purposes of this subdivision i, and for the purposes of\nsections 30.00 and 39.00 and titles four, five, six and twelve of this\nchapter, the board of cooperative educational services shall be the\nfinance board, its president shall be its chief fiscal officer, and its\nfiscal year shall be the fiscal year of its component school districts;\nprovided, further, that the provision of section 162.00 of this chapter\nshall be applicable to revenue anticipation notes issued under this\nsubdivision.\n j. 1. The provisions of this paragraph shall apply only to revenue\nanticipation notes, including renewals thereof, issued by the city of\nBuffalo during its fiscal years ending June thirtieth, in each of the\nyears nineteen hundred eighty-four, nineteen hundred eighty-five,\nnineteen hundred eighty-six, nineteen hundred eighty-seven, and nineteen\nhundred eighty-eight, in anticipation of the receipt of state aid and\nlocal assistance, and only to such issues of revenue anticipation notes\nas to which the certificate described in subdivision three of this\nparagraph is filed.\n 2. Each issue of revenue anticipation notes shall be issued only in\nanticipation of the receipt of a specific type or types of state aid and\nlocal assistance, provided that the amount of indebtedness to be\ncontracted for each such specific type of state aid and local assistance\nshall be stated in the proceedings authorizing the issuance of such\nnotes. Except as provided in subdivision eight of this paragraph,\nrevenue anticipation notes shall be payable only at the office of a bank\nor trust company designated as the paying agent thereof in accordance\nwith this chapter. Revenue anticipation notes, including renewals\nthereof, shall mature not later than the last day of the fiscal year of\nsuch city in which such notes were originally issued. The proceedings\nauthorizing revenue anticipation notes may include provisions, which\nshall constitute a covenant by such city with the purchasers and holders\nand owners from time to time of such notes, limiting the power of the\ncity to authorize and issue additional notes during the then current\nfiscal year of such city in anticipation of the same specific type or\ntypes of state aid and local assistance as the notes authorized by such\nproceedings.\n 3. Prior to the delivery of each issue of revenue anticipation notes,\nthe chief fiscal officer of such city shall file with the state\ncomptroller a certificate setting forth with respect to such issue (i)\nthe principal amount, (ii) the date of issue, (iii) the maturity date,\n(iv) the interest rate or rates, (v) if interest shall be payable\notherwise than at maturity, the date or dates for the payment thereof,\n(vi) the name and address of the paying agent, (vii) the name and\naddress of each purchaser, or if a purchaser shall be a syndicate or\nsimilar account, the name and address of each managing underwriter of\nsuch syndicate or similar account, (viii) the amount payable on each\nprincipal payment date and interest payment date, (ix) a description of\nthe type or types of state aid and local assistance in anticipation of\nwhich such revenue anticipation notes are being issued and, if more than\none type of state aid and local assistance is involved, the amount of\nindebtedness being contracted against each specific type of state aid\nand local assistance, and (x) a schedule setting forth the total amount\nof each such type or types of state aid or local assistance anticipated\nto be received, and the expected date or dates of anticipated receipt of\nsuch state aid or local assistance.\n Such certificate shall be accompanied by a statement executed by the\nchief fiscal officer of such city certifying that, with respect to any\nspecific type or types of state aid or local assistance referred to\ntherein which is not required by law to be paid by the state on a fixed\ndate or dates, the city of Buffalo will effectuate procedures by which\nany claim or request on which such payment is conditioned will be timely\nsubmitted so that payment can be made by the state in accordance with\nthe schedule contained in such certificate as item (x). Such statement\nshall also contain a certification that the amounts and times of\npayments of state aid and local assistance contained in such schedule\nhave been estimated by the use of reasonable and appropriate data and\nmethods of estimation, all in accordance with applicable law.\n 4. All revenue anticipation notes, in addition to a pledge of the\nfaith and credit of such city for the payment thereof, shall contain a\nrecital to the effect that they are entitled to the benefits of the\nprovisions of this paragraph.\n 5. Commencing on the date not less than five days prior to and on each\nday thereafter up to and including any principal and/or interest payment\ndate referred to in the certificate filed by the chief fiscal officer of\nthe city with the state comptroller pursuant to subdivision three of\nthis paragraph, the state comptroller shall pay to such paying agent\nfrom moneys as provided in subdivision six of this paragraph the amount\nrequired to pay in full the principal and/or interest due on such\npayment date as set forth in such certificate. Moneys so paid shall pass\nimmediately from the state and vest in such paying agent in trust for\nthe benefit of the holders of the revenue anticipation notes to which\nsuch certificate relates. No other person having any claim of any kind\nin tort, contract or otherwise against such city shall have any right to\nor claim against the moneys held by such paying agent, and such moneys\nshall not be subject to any order, judgment, lien, execution,\nattachment, setoff or counterclaim by any such other person. Such moneys\nshall be held by such paying agent in a separate trust account and shall\nbe applied only to the payment of the principal and/or interest due on\nsuch revenue anticipation notes, provided, however, that the contract by\nand between such city and such paying agent may provide for (i) the\ninvestment by such paying agent of such moneys in direct obligations of\nor in obligations guaranteed by the United States of America, provided\nsuch obligations shall be payable or redeemable at the option of the\nholder within such time as the proceeds shall be needed to pay such\nprincipal and/or interest due on such revenue anticipation notes, and\n(ii) the use by such paying agent of such moneys for the purchase of\ndirect obligations of or obligations guaranteed by the United States of\nAmerica under one or more repurchase agreements with any bank or trust\ncompany having its principal office in the state of New York, provided\nthat any such repurchase agreement shall provide for the repurchase of\nsuch obligations within such time as such moneys are needed to pay the\nprincipal and/or interest due on such revenue anticipation notes at a\nrepurchase price at least sufficient to make the amount so invested\navailable for the payment of principal and/or interest due on such\nrevenue anticipation notes, and provided, further, that, at the time of\nsuch purchase, the market value of such obligations shall be at least\nequal to one hundred two per centum of the amount so invested. No person\nhaving any claim of any kind in tort, contract or otherwise against such\ncity shall have any right to or claim against any moneys of the state\nappropriated by the state and in anticipation of which such notes have\nbeen issued, other than a claim for payment by the holders of such\nnotes, and such moneys shall not be subject to any order, judgment,\nlien, execution, attachment, setoff or counterclaim by any such person;\nprovided, however, that nothing contained in this paragraph shall be\nconstrued to limit, impair, impede or otherwise adversely affect in any\nmanner the rights or remedies of the purchasers and holders and owners\nof any bonds or notes of the state or any agency, instrumentality,\npublic benefit corporation or political subdivision thereof, including\nthe city of Buffalo, under which such purchasers and holders and owners\nhave any right of payment of such bonds or notes by recourse to state\naid or local assistance moneys held by the state and with respect to\nwhich the state has covenanted with such purchasers and holders and\nowners that it will not repeal, revoke or rescind any provision of law\nor amend or modify the same so as to limit, impair or impede any such\nrights or remedies. Notwithstanding any provision of law to the\ncontrary, no instrument relating to any transaction authorized or\ncontemplated by this paragraph need be filed under the provisions of the\nuniform commercial code.\n 6. Commencing on the day when the state comptroller determines that\nthe principal and interest due or to come due on the outstanding revenue\nanticipation notes issued for a fiscal year against a specific type or\ntypes of state aid or local assistance pursuant to this paragraph shall\nequal ninety percent of the amount of such specific type of state aid or\nlocal assistance as set forth on the schedule included in the\ncertificate filed with him pursuant to subdivision three of this\nparagraph remaining to be paid to such city on or prior to any principal\nand/or interest payment date, the state comptroller shall deduct and\nwithhold from the amount appropriated for each such specific type of\nstate aid and local assistance otherwise payable to such city an amount\nsufficient to pay, when due, the principal of and interest on all such\nrevenue anticipation notes issued and then outstanding in anticipation\nthereof. Amounts so deducted and withheld shall be transferred and\ncredited by the state comptroller to the account established for such\nspecific state aid or local assistance in the state aid and local\nassistance revenue withholding fund established pursuant to section\nninety-two-l of the state finance law, at such time as any payment of\neach such specific type of state aid or local assistance is scheduled,\nby law or otherwise, to be made to such city. In each case, the payments\nrequired to be made by the state comptroller pursuant to subdivision\nfive of this paragraph shall be made from amounts on deposit in the\naccounts established for each such specific type of state aid and local\nassistance in the state aid and local assistance revenue withholding\nfund. Whenever any issue of revenue anticipation notes has been issued\nin anticipation of more than one specific type of state aid and local\nassistance as authorized by subdivision two of this paragraph, each such\npayment shall be made from each separate account according to the\nprincipal amount of indebtedness contracted against each specific type\nof state aid and local assistance.\n 7. The state of New York hereby covenants with the holders from time\nto time of revenue anticipation notes issued by such city that it will\nnot repeal, rescind or revoke the provisions of this paragraph or the\nprovisions of section ninety-two-l of the state finance law or amend or\nmodify the same as to limit, impair or impede the rights and remedies\ngranted hereby to such holders, provided, however, that nothing in this\nparagraph contained shall be deemed or construed as giving or pledging\nthe credit of the state or as requiring the state to continue the\npayment of any specific type or types of state aid or local assistance\nto such city or as limiting or prohibiting the state from repealing or\namending any law heretofore or hereafter enacted relating to state aid\nand local assistance to such city, the manner and time of payment or\napportionment thereof, or the amount thereof, nor shall such revenue\nanticipation notes be a debt of the state and the state shall not be\nliable thereon.\n 8. Notwithstanding any other provision of this paragraph, at the\nexpiration of one hundred eighty days after the maturity date of any\nissue of revenue anticipation notes issued hereunder, the amounts held\nby the paying agent thereof for the payment of the principal of and\ninterest on the notes of such issue which have not been presented for\npayment shall be paid over and remitted by such paying agent to such\ncity and thereafter the holders of such notes shall look only to such\ncity for such payment.\n 9. All other provisions of this chapter not inconsistent with the\nprovisions of this paragraph shall continue to apply to the\nauthorization and issuance of revenue anticipation notes by such city.\n k. 1. A special act public school district may issue revenue\nanticipation notes or obtain letters of credit in anticipation of moneys\nto be received from the state, the United States government and from\npublic school districts or social services districts which place\nstudents in the special act public school district.\n 2. For the purposes of this paragraph, and for the purposes of\nsections 30.00 and 39.00 and titles four, five, six and twelve of this\narticle, the board of education shall be the finance board and its\npresident shall be its chief fiscal officer; provided, further, that\nsection 162.00 of this article shall be applicable to revenue\nanticipation notes issued under this paragraph.\n