New York § 2538 Payments to the city

New York Statutes

§ 2538 — Payments to the city

New York § 2538

Law PBAPublic Authorities

Title 26New York City Stabilization Reserve Corporation

Art. 8Miscellaneous Authorities

This text of New York § 2538 (Payments to the city) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Public Authorities § 2538 (2026).

Text

§ 2538. Payments to the city.

(a)In the event that the mayor of such\ncity certifies to the corporation an amount which is not in excess of\none hundred fifty million dollars as the amount which is required by\nsuch city during the city fiscal year nineteen hundred\nseventy-three--nineteen hundred seventy-four to enable such city to\nprovide essential services during such city fiscal year, the corporation\nmay within the limitation of aggregate indebtedness set forth in section\ntwenty-five hundred thirty-six of the title, issue its notes or bonds\nand deliver such amount to the comptroller of such city for deposit in\nthe city's general fund.\n (b) In the event that the mayor shall include in his proposed expense\nbudget for the fiscal year nineteen hundred seventy-four--nineteen\nhun

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§ 2538. Payments to the city. (a) In the event that the mayor of such\ncity certifies to the corporation an amount which is not in excess of\none hundred fifty million dollars as the amount which is required by\nsuch city during the city fiscal year nineteen hundred\nseventy-three--nineteen hundred seventy-four to enable such city to\nprovide essential services during such city fiscal year, the corporation\nmay within the limitation of aggregate indebtedness set forth in section\ntwenty-five hundred thirty-six of the title, issue its notes or bonds\nand deliver such amount to the comptroller of such city for deposit in\nthe city's general fund.\n (b) In the event that the mayor shall include in his proposed expense\nbudget for the fiscal year nineteen hundred seventy-four--nineteen\nhundred seventy-five of such city an estimate of amounts payable from\nthe corporation, the mayor shall, by July fifteenth of such fiscal year\ncertify in writing to the corporation the amounts payable from the\ncorporation which the city council deducted as part of the total amount\nof receipts as estimated by the mayor from the amount of the budget in\nfixing the tax rate pursuant to section fifteen hundred fifteen of the\nNew York city charter. The amount as certified shall be the amount which\nis required by the city from the corporation. Upon receipt of such\ncertification, the corporation may, within the limitation of aggregate\nindebtedness set forth in section twenty-five hundred thirty-six of this\ntitle, issue its notes or bonds in an amount adequate to provide the\ncertified amount and shall promptly deliver such amount to the\ncomptroller for deposit in the city's general fund. Such certification\nshall be deemed a finding by the mayor, city council and city board of\nestimate that the city is faced with a grave fiscal crisis warranting\nsuch financial assistance by the corporation.\n