NY Loc Fin L § 25.00 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 2 - Local Obligations: Types Thereof 25.00 - Revenue Anticipation Notes.

§ 25.00 Revenue anticipation notes. a. As used in this section:   1. The term "taxes" shall mean taxes other than real estate taxes.   2.  The  terms "rents," "rates" or "charges" shall mean sewer or water rents, rates or charges.   3. The term "moneys" shall mean moneys to be received from the  state, the  United  States  government  or  from the county as a portion of the distribution of the county sales  and  compensating  use  tax,  and  for special  act  public school districts enumerated in chapter five hundred sixty-six of the laws of nineteen hundred sixty-seven, as amended, shall also mean tuition payments to be received from public  school  districts and social services districts.   4.  The  term  "other  income" shall mean income derived from electric light and power plants or distribution systems, or other utility  plants or   distribution  systems,  or  any  other  type  of  income  producing facilities or operations owned and  operated  by  a  municipality  or  a district corporation.   5.  The  term  "revenue" includes taxes, rents, rates, charges, moneys and other income.   b. (1) Revenue anticipation notes may be issued by  any  municipality, school   district  or  district  corporation  in  anticipation  of:  the collection or receipt of revenue, provided that each such note shall  be issued  only  against  a specific type of revenue, or for the purpose of renewing a previously issued revenue anticipation note.  (2)  Notwithstanding  the  provisions  of  paragraph   one   of   this subdivision, revenue anticipation notes may be issued by the city of New York  for  revenues  receivable from state and federal governments on an overall basis, rather than by specific sources of revenue.   c. 1. Revenue anticipation notes may be issued during any fiscal  year in  which  such  taxes,  rents,  rates  or  charges  or  other income in anticipation of which such notes are issued become due  and  payable  or such  moneys  become  due; however, such notes may be issued by a school district in anticipation of moneys to  be  received  in  a  fiscal  year during the two weeks prior to the commencement of such fiscal year.   2.  In  addition  to  the  powers  granted by subparagraph one of this paragraph c or by any other provision of this section, the city  of  New York  may issue revenue anticipation notes in anticipation of a specific type of revenue, as defined in this sub-paragraph two, which  is  to  be received  or  collected  by  such  city  in the fiscal year of such city commencing after the fiscal year during which such notes are issued,  in an  amount  not  exceeding  the portion of such specific type of revenue estimated by the mayor of such city to be attributable to or based  upon transactions or activities occurring during the months of April, May and June  of  the  fiscal  year during which such notes are issued, less the amount of such portion of such specific type of revenue so estimated  by the  mayor, which has actually been received or collected at the time of the issuance of such notes and the amount  of  any  outstanding  revenue anticipation  notes issued against such portion of such specific type of revenue so estimated by the mayor. The proceeds of notes issued pursuant to this sub-paragraph two may be applied to any purposes or expenditures of the fiscal year of such city during  which  such  notes  are  issued, including payment into the general fund of such city for use during such fiscal  year,  or  for  the redemption of notes in renewal of which such notes were issued. The provisions of paragraph d of this  section  shall not  apply  to  revenue  anticipation  notes  issued  pursuant  to  this subparagraph two. As used in this subparagraph two, the  term  "revenue" shall  mean  any taxes, rents, rates, charges, moneys or other income as defined in paragraph a of this section, imposed, charged or received  by such  city  pursuant  to  any state or local law heretofore or hereafter  enacted and attributable to or based  upon  transactions  or  activities occurring  in  the months of April, May and June of a fiscal year during which revenue anticipation notes are issued by  such  city  pursuant  to this  subparagraph  two and which is to be received or collected by such city in the fiscal year commencing after such April, May and  June,  and shall  include, but not be limited to: (a) taxes imposed under titles G, M, N, V of chapter forty-six of the administrative code of the  city  of New  York  with  respect  to  which  returns are required to be filed in accordance with the provisions of  subdivision  (e)  of  section  twelve hundred fifty-one of the tax law; (b) taxes imposed under titles P and Q of  chapter  forty-six  of  such  code with respect to which returns are required to be filed on or before the twenty-fifth day of July, nineteen hundred sixty-five for the calendar  month  of  June,  nineteen  hundred sixty-five;  (c)  taxes  imposed  by  such  city pursuant to chapter two hundred fifty-seven of the  laws  of  nineteen  hundred  sixty-three  as heretofore  or  hereafter  amended or supplemented; (d) taxes imposed by such city by  local  laws  adopted  or  amended  after  April  eleventh, nineteen  hundred sixty-five, pursuant to article twenty-nine of the tax law as heretofore  or  hereafter  amended  or  supplemented;  (e)  taxes payable  into  the  general  fund  of  the  city of New York pursuant to section two hundred sixty-one of the tax law as heretofore or  hereafter amended  or  supplemented;  (f)  charges for the supply of water by such city in accordance with meter rates and minimum charges for such  supply of  water  measured  by  meter,  payable  as  prescribed  by section 415 (1)-17.0 of  the  administrative  code  of  the  city  of  New  York  as heretofore or hereafter amended or supplemented; (g) the amounts payable to such city pursuant to subdivision two of section one hundred twelve-a of  the  highway law as heretofore or hereafter amended or supplemented; (h) the amounts payable into the general fund of such city  pursuant  to section  eighty-nine of the state finance law as heretofore or hereafter amended or supplemented; and (i) taxes imposed by such city pursuant  to chapter  two  hundred  thirty-five  of  the  laws  of  nineteen  hundred fifty-two as heretofore or hereafter amended.   d.  The  total  amount  of  revenue   anticipation   notes   which   a municipality,  school  district  or  district  corporation  may issue in anticipation of the collection or receipt of a specific type of  revenue shall be determined in the following manner:   1. In a municipality, school district or district corporation in which an  annual budget is prepared and adopted for a fiscal year prior to the commencement thereof, such amount shall be  (a) The amount of such specific type of revenue as  estimated  in  the annual   budget  of  such  municipality,  school  district  or  district corporation for such fiscal year, or the amount of such specific type of revenue recognized for the fiscal year preceding  that  for  which  such budget  is  to  be or has been adopted, whichever amount is the smaller, less  (b) The amount of such specific type of revenue so estimated  in  such budget  which has actually been received or collected at the time of the issuance of such notes,  and  the  amount  of  any  outstanding  revenue anticipation  notes issued against such specific type of revenue for the fiscal year  for  which  such  notes  are  to  be  issued.  For  such  a municipality,   school   district  or  district  corporation,  the  term "estimated amount" as used in paragraph g of this section shall mean the smaller amount determined in item (a) of this subdivision prior  to  the deductions required by this item.   The provisions of this subdivision shall not be applicable (1) where a specific  type  of  revenue has not been estimated in such budget and in that case such amount  shall  be  the  amount  of  such  revenue  as  is  estimated  by  the  chief fiscal officer to be recognized for the fiscal year for which such budget has been adopted, or  (2)  where  a  specific type  of  revenue  has  not  been  recognized for the entire fiscal year preceding  that  for which such budget has been adopted and in that case such amount shall be the amount, if any, of the specific type of revenue as estimated in the annual budget, less, in either case, the  amount  of such  specific  type  of  revenue  which  has  actually been received or collected at the time of the issuance of such notes, and the  amount  of any  outstanding revenue anticipation notes issued against such specific type of revenue for the fiscal year for  which  such  notes  are  to  be issued.   2. In a municipality, school district or district corporation in which an  annual  budget  is  not  prepared  or  in  which an annual budget is prepared for a fiscal year but is adopted subsequent to the commencement thereof, such amount shall be  (a) The amount of such specific type of  revenue  recognized  for  the fiscal  year  next preceding the fiscal year for which such notes are to be issued, or the amount of such specific type of revenue recognized for the second fiscal year preceding the fiscal year for  which  such  notes are to be issued, whichever amount is the smaller, less  (b)  The  amount  of such specific type of revenue for the fiscal year for which such notes are to be issued, which has actually been  received or  collected  at the time of the issuance of such notes, and the amount of any  outstanding  revenue  anticipation  notes  issued  against  such specific type of revenue for the fiscal year for which such notes are to be  issued.  For  such  a  municipality,  school  district  or  district corporation, the term "estimated amount" as used in paragraph g of  this section  shall  mean  the  smaller amount determined in item (a) of this subdivision prior to the deductions required by this item.   The provisions of this subdivision shall not  be  applicable  where  a specific  type  of revenue has not been recognized for the entire fiscal year next preceding the fiscal year for which such budget is  to  be  or has  been  adopted  and  in that case such amount shall be the amount of such revenue as is estimated in such budget or,  if  there  is  no  such estimate,  then  the amount of such revenue as is estimated by the chief fiscal officer to be recognized for  the  fiscal  year  for  which  such budget  is  to  be  adopted,  less  the  amount of such specific type of revenue for the fiscal year for which such budget is to be or  has  been adopted which has actually been collected or received at the time of the issuance  of  such  notes,  and  the  amount  of any outstanding revenue anticipation notes issued against such specific type of revenue.   * 3. Notwithstanding the provisions of subdivisions  one  and  two  of this  paragraph, if the restrictions imposed therein upon the amount for which revenue anticipation notes may be issued against any specific type of revenue in any fiscal  year  shall  cause  undue  hardship  upon  any municipality,   school   district  or  district  corporation,  any  such municipality, school district or district corporation may apply  to  the state  comptroller for authority to issue such notes in an amount not in excess of the amount of such specific type of revenue  as  estimated  in the  annual  budget  of, or contemplated to be collected or received by, any municipality, school district or district corporation for or  during the  fiscal  year  in  which  such taxes, rents, rates, charges or other income shall become due and payable or  such  moneys  become  due.  Such application  shall be in writing and shall be signed and verified by the chief fiscal officer of the municipality, school  district  or  district corporation.  The state comptroller shall prescribe the procedure in any such proceeding and the information to be furnished to him necessary  to make  such  determination. The state comptroller shall have power in any  such proceeding to determine if such restrictions have caused,  or  will cause,  an undue hardship upon any such municipality, school district or district corporation, and, if he so determines, then he shall have power to   authorize  any  such  municipality,  school  district  or  district corporation to issue such notes in  an  amount  not  in  excess  of  the limitation   hereinabove   expressed   in  this  subdivision,  and  such determination and  authorization  by  the  state  comptroller  shall  be conclusive  as  to  the amount of such notes which may be issued against any such specific type of revenue.   * NB There are 2 subdivision 3's of paragraph d   * 3. Notwithstanding any other provisions of this paragraph d  in  the city of New York such amount shall be  (a)  The amount of such specific type of revenue consisting of revenue other than moneys, as is estimated in the annual budget of such city  to be  collected  or  received in the fiscal year for which such budget has been adopted, and the amount of such specific type of revenue consisting of moneys as is estimated in the annual budget of such city to be due in the fiscal year for which such budget has been adopted, less  (b) The amount of such specific type of revenue so estimated  in  such budget  which has actually been received or collected at the time of the issuance of such notes,  and  the  amount  of  any  outstanding  revenue anticipation  notes issued against such specific type of revenue for the fiscal year in which such taxes, rents, rates, charges or  other  income become  due and payable or in which such moneys become due. For the city of New York, the term "estimated amount" as used in paragraph g of  this section   shall   mean  the  amount  determined  in  item  (a)  of  this subparagraph three prior to the deduction required by item (b)  of  this subparagraph three.   The  provisions  of  this  subparagraph  three shall not be applicable where a specific type of revenue has not been estimated in  such  budget and  in  that case such amount shall be the amount of such specific type of revenue consisting of revenue other than moneys, as is  estimated  by the  mayor to be collected or received in the fiscal year for which such budget has been adopted, and the amount of such specific type of revenue consisting of moneys as is estimated by the  mayor  to  be  due  in  the fiscal  year  for which such budget has been adopted, less the amount of such specific type of  revenue  which  has  actually  been  received  or collected  at  the time of the issuance of such notes, and the amount of any outstanding revenue anticipation notes issued against such  specific types  of revenue for the fiscal year in which such taxes, rents, rates, charges or other income become due and payable or in which  such  moneys become due.   * NB There are 2 subdivision 3's of paragraph d   4. Whenever this paragraph requires a determination or estimate of the amount  of a specific type of revenue recognized or to be recognized for a  fiscal  year,  such  determination  or  estimate  shall  be  made  in conformance  with  the  basis  of  accounting  used by the municipality, school district or district  corporation  to  prepare  the  most  recent annual  financial report filed pursuant to section thirty of the general municipal law.   d-2. The provisions of paragraph  d  of  this  section  shall  not  be applicable  to  revenue anticipation notes issued in anticipation of the receipt of moneys from the federal government pursuant to title  one  of the housing act of nineteen hundred forty-nine, as amended.   e.  The  proceeds of revenue anticipation notes shall be used only for the purpose of (1) meeting expenditures payable from the type of revenue in anticipation of  which  such  notes  were  issued,  or  (2)  for  the redemption of notes in renewal of which such notes were issued.    f.  Revenue anticipation notes shall mature within one year and may be renewed from time to time, but each renewal shall be for  a  period  not exceeding  one  year  and  in no event shall such notes, or the renewals thereof, extend beyond the close of the second  fiscal  year  succeeding the fiscal year in which such notes were issued. Such notes shall not be renewed  in  an amount in excess of the difference between the amount of the uncollected or unreceived revenue in anticipation of which they were issued and the amount of  any  other  outstanding  revenue  anticipation notes  issued  in  anticipation  of  the  collection  or receipt of such revenue.   g. Whenever the amount of revenue  anticipation  notes  issued  for  a fiscal year against a specific type of revenue shall equal the estimated amount  of  such  specific  type  of  revenue  in  anticipation  of  the collection or receipt of which such notes shall have been  issued,  less the  amount  of such revenue actually received or collected, all of such revenue, as thereafter received or collected, shall be set  aside  in  a special  bank  account  to  be used only for the payment of such revenue anticipation notes as they become due. Any municipality, school district or district  corporation  may  make  budgetary  appropriations  for  the redemption  of  revenue  anticipation  notes  whether or not required or otherwise authorized by law to do so. In the event such an appropriation is made, such municipality,  school  district  or  district  corporation shall  not  be  required to pay into the special account the proceeds of the specific type of revenue against which such notes  were  issued  but such  proceeds  may be used in the manner provided by law or if there is no provision of law  pertaining  to  the  use  of  such  proceeds,  such proceeds shall be treated as surplus moneys for the fiscal year in which they are collected.   h.  Notwithstanding  the provisions of paragraph b of this section any municipality, school district or district corporation may issue a single revenue anticipation note in anticipation of the collection  or  receipt of  any number of, or all, specific types of revenue, providing that the amount of indebtedness to be contracted against each  specific  type  of revenue shall be stated in the resolution or certificate authorizing the issuance  of  such note, and such amount shall not exceed the respective amounts of indebtedness which could be contracted against each  specific type  of revenue under any other paragraph of this section. The proceeds of  any  such  single  revenue  anticipation  note  shall  be  severable according  to  the  specific types of revenue against which indebtedness has been therein contracted and shall be treated in the same  manner  as the  proceeds  of separate revenue anticipation notes, each of which was issued against a specific type of revenue, would have been applied.  Any municipality,  school  district or district corporation which issues any such single revenue anticipation note shall comply with  the  provisions of  paragraph  g  of  this section, except that for the purposes of such paragraph (1) any such single revenue anticipation note shall be treated as a group of separate revenue anticipation notes, each issued against a specific type of  revenue,  and  (2)  the  amount  issued  against  each specific type of revenue shall be the amount stated in the resolution or certificate   authorizing  the  issuance  of  any  such  single  revenue anticipation  note.  The  municipality,  school  district  or   district corporation  shall  keep proper records which will show at all times the unpaid balances  due  on  any  such  single  revenue  anticipation  note according to the types of revenue against which such note was issued.   i.  (a)  A board of cooperative educational services may issue revenue anticipation notes, as authorized by paragraph g of subdivision four  of section  nineteen hundred fifty of the education law, in anticipation of money to be received from the state, the United States  government,  and  from  its  component school districts for services or for administrative and clerical expenses.  (b)  For  the  purposes of this subdivision i, and for the purposes of sections 30.00 and 39.00 and titles four, five, six and twelve  of  this chapter,  the  board  of  cooperative  educational services shall be the finance board, its president shall be its chief fiscal officer, and  its fiscal  year shall be the fiscal year of its component school districts; provided, further, that the provision of section 162.00 of this  chapter shall  be  applicable  to  revenue  anticipation notes issued under this subdivision.   j. 1. The provisions of this paragraph shall  apply  only  to  revenue anticipation  notes,  including  renewals thereof, issued by the city of Buffalo during its fiscal years ending June thirtieth, in  each  of  the years   nineteen  hundred  eighty-four,  nineteen  hundred  eighty-five, nineteen hundred eighty-six, nineteen hundred eighty-seven, and nineteen hundred eighty-eight, in anticipation of the receipt of  state  aid  and local  assistance, and only to such issues of revenue anticipation notes as to which the certificate  described  in  subdivision  three  of  this paragraph is filed.   2.  Each  issue  of revenue anticipation notes shall be issued only in anticipation of the receipt of a specific type or types of state aid and local assistance,  provided  that  the  amount  of  indebtedness  to  be contracted for each such specific type of state aid and local assistance shall  be  stated  in  the  proceedings authorizing the issuance of such notes. Except as  provided  in  subdivision  eight  of  this  paragraph, revenue anticipation notes shall be payable only at the office of a bank or  trust  company  designated as the paying agent thereof in accordance with  this  chapter.  Revenue  anticipation  notes,  including  renewals thereof,  shall mature not later than the last day of the fiscal year of such city in which such notes were originally  issued.  The  proceedings authorizing  revenue  anticipation  notes  may include provisions, which shall constitute a covenant by such city with the purchasers and holders and owners from time to time of such notes, limiting the  power  of  the city  to  authorize  and  issue additional notes during the then current fiscal year of such city in anticipation of the same  specific  type  or types  of state aid and local assistance as the notes authorized by such proceedings.   3. Prior to the delivery of each issue of revenue anticipation  notes, the  chief  fiscal  officer  of  such  city  shall  file  with the state comptroller a certificate setting forth with respect to such  issue  (i) the  principal  amount, (ii) the date of issue, (iii) the maturity date, (iv) the interest rate or  rates,  (v)  if  interest  shall  be  payable otherwise  than  at maturity, the date or dates for the payment thereof, (vi) the name and address of  the  paying  agent,  (vii)  the  name  and address  of  each  purchaser,  or if a purchaser shall be a syndicate or similar account, the name and address of each  managing  underwriter  of such  syndicate  or  similar  account, (viii) the amount payable on each principal payment date and interest payment date, (ix) a description  of the  type  or types of state aid and local assistance in anticipation of which such revenue anticipation notes are being issued and, if more than one type of state aid and local assistance is involved,  the  amount  of indebtedness  being  contracted  against each specific type of state aid and local assistance, and (x) a schedule setting forth the total  amount of  each such type or types of state aid or local assistance anticipated to be received, and the expected date or dates of anticipated receipt of such state aid or local assistance.   Such certificate shall be accompanied by a statement executed  by  the chief  fiscal  officer of such city certifying that, with respect to any  specific type or types of state aid  or  local  assistance  referred  to therein  which is not required by law to be paid by the state on a fixed date or dates, the city of Buffalo will effectuate procedures  by  which any claim or request on which such payment is conditioned will be timely submitted  so  that  payment can be made by the state in accordance with the schedule contained in such certificate as item (x).  Such  statement shall  also  contain  a  certification  that  the  amounts  and times of payments of state aid and local assistance contained  in  such  schedule have  been  estimated  by the use of reasonable and appropriate data and methods of estimation, all in accordance with applicable law.   4. All revenue anticipation notes, in addition  to  a  pledge  of  the faith  and  credit of such city for the payment thereof, shall contain a recital to the effect that they are entitled  to  the  benefits  of  the provisions of this paragraph.   5. Commencing on the date not less than five days prior to and on each day thereafter up to and including any principal and/or interest payment date referred to in the certificate filed by the chief fiscal officer of the  city  with  the  state comptroller pursuant to subdivision three of this paragraph, the state comptroller shall pay  to  such  paying  agent from  moneys as provided in subdivision six of this paragraph the amount required to pay in full  the  principal  and/or  interest  due  on  such payment date as set forth in such certificate. Moneys so paid shall pass immediately  from  the  state and vest in such paying agent in trust for the benefit of the holders of the revenue anticipation  notes  to  which such  certificate  relates. No other person having any claim of any kind in tort, contract or otherwise against such city shall have any right to or claim against the moneys held by such paying agent, and  such  moneys shall   not   be  subject  to  any  order,  judgment,  lien,  execution, attachment, setoff or counterclaim by any such other person. Such moneys shall be held by such paying agent in a separate trust account and shall be applied only to the payment of the principal and/or interest  due  on such revenue anticipation notes, provided, however, that the contract by and  between  such  city  and  such paying agent may provide for (i) the investment by such paying agent of such moneys in direct obligations  of or  in  obligations guaranteed by the United States of America, provided such obligations shall be payable or redeemable at  the  option  of  the holder  within  such  time  as  the proceeds shall be needed to pay such principal and/or interest due on such revenue  anticipation  notes,  and (ii)  the  use  by  such paying agent of such moneys for the purchase of direct obligations of or obligations guaranteed by the United States  of America  under  one or more repurchase agreements with any bank or trust company having its principal office in the state of New  York,  provided that  any  such repurchase agreement shall provide for the repurchase of such obligations within such time as such moneys are needed to  pay  the principal  and/or  interest  due on such revenue anticipation notes at a repurchase price at least sufficient to  make  the  amount  so  invested available  for  the  payment  of  principal  and/or interest due on such revenue anticipation notes, and provided, further, that, at the time  of such  purchase,  the  market value of such obligations shall be at least equal to one hundred two per centum of the amount so invested. No person having any claim of any kind in tort, contract or otherwise against such city shall have any right to or claim against any moneys  of  the  state appropriated  by  the state and in anticipation of which such notes have been issued, other than a claim for  payment  by  the  holders  of  such notes,  and  such  moneys  shall  not be subject to any order, judgment, lien, execution, attachment, setoff or counterclaim by any such  person; provided,  however,  that  nothing  contained in this paragraph shall be construed to limit, impair, impede or otherwise adversely affect in  any  manner  the  rights or remedies of the purchasers and holders and owners of any bonds or notes of  the  state  or  any  agency,  instrumentality, public  benefit  corporation or political subdivision thereof, including the  city of Buffalo, under which such purchasers and holders and owners have any right of payment of such bonds or notes by  recourse  to  state aid  or  local  assistance  moneys held by the state and with respect to which the state has covenanted with  such  purchasers  and  holders  and owners  that  it will not repeal, revoke or rescind any provision of law or amend or modify the same so as to limit, impair or  impede  any  such rights  or  remedies.  Notwithstanding  any  provision  of  law  to  the contrary, no  instrument  relating  to  any  transaction  authorized  or contemplated by this paragraph need be filed under the provisions of the uniform commercial code.   6.  Commencing  on  the day when the state comptroller determines that the principal and interest due or to come due on the outstanding revenue anticipation notes issued for a fiscal year against a specific  type  or types  of state aid or local assistance pursuant to this paragraph shall equal ninety percent of the amount of such specific type of state aid or local  assistance  as  set  forth  on  the  schedule  included  in   the certificate  filed  with  him  pursuant  to  subdivision  three  of this paragraph remaining to be paid to such city on or prior to any principal and/or interest payment date, the state  comptroller  shall  deduct  and withhold  from  the  amount  appropriated for each such specific type of state aid and local assistance otherwise payable to such city an  amount sufficient  to  pay, when due, the principal of and interest on all such revenue anticipation notes issued and then outstanding  in  anticipation thereof.  Amounts  so  deducted  and  withheld  shall be transferred and credited by the state comptroller to the account  established  for  such specific  state  aid  or  local  assistance  in  the state aid and local assistance revenue withholding  fund  established  pursuant  to  section ninety-two-l  of  the  state finance law, at such time as any payment of each such specific type of state aid or local assistance  is  scheduled, by law or otherwise, to be made to such city. In each case, the payments required  to  be  made  by the state comptroller pursuant to subdivision five of this paragraph shall be made from  amounts  on  deposit  in  the accounts  established for each such specific type of state aid and local assistance in the state aid and  local  assistance  revenue  withholding fund.  Whenever  any issue of revenue anticipation notes has been issued in anticipation of more than one specific type of state  aid  and  local assistance as authorized by subdivision two of this paragraph, each such payment  shall  be  made  from  each  separate  account according to the principal amount of indebtedness contracted against each  specific  type of state aid and local assistance.   7.  The  state of New York hereby covenants with the holders from time to time of revenue anticipation notes issued by such city that  it  will not  repeal,  rescind  or revoke the provisions of this paragraph or the provisions of section ninety-two-l of the state finance law or amend  or modify  the  same  as to limit, impair or impede the rights and remedies granted hereby to such holders, provided, however, that nothing in  this paragraph  contained  shall be deemed or construed as giving or pledging the credit of the state or  as  requiring  the  state  to  continue  the payment  of  any specific type or types of state aid or local assistance to such city or as limiting or prohibiting the state from  repealing  or amending  any  law heretofore or hereafter enacted relating to state aid and local assistance to such city, the manner and  time  of  payment  or apportionment  thereof,  or  the  amount thereof, nor shall such revenue anticipation notes be a debt of the state and the  state  shall  not  be liable thereon.    8.  Notwithstanding  any  other  provision  of  this paragraph, at the expiration of one hundred eighty days after the  maturity  date  of  any issue  of  revenue anticipation notes issued hereunder, the amounts held by the paying agent thereof for the payment  of  the  principal  of  and interest  on  the  notes of such issue which have not been presented for payment shall be paid over and remitted by such  paying  agent  to  such city  and  thereafter  the holders of such notes shall look only to such city for such payment.   9. All other provisions of this  chapter  not  inconsistent  with  the provisions   of   this   paragraph   shall  continue  to  apply  to  the authorization and issuance of revenue anticipation notes by such city.   k.  1.  A  special  act  public  school  district  may  issue  revenue anticipation notes or obtain letters of credit in anticipation of moneys to  be  received  from  the state, the United States government and from public  school  districts  or  social  services  districts  which  place students in the special act public school district.   2.  For  the  purposes  of  this  paragraph,  and  for the purposes of sections 30.00 and 39.00 and titles four, five, six and twelve  of  this article,  the  board  of  education  shall  be the finance board and its president shall be its chief fiscal  officer;  provided,  further,  that section   162.00   of  this  article  shall  be  applicable  to  revenue anticipation notes issued under this paragraph.