2023 New York Laws › LFN - Local Finance › Article 2 - Local Indebtedness › Title 2 - Local Obligations: Types Thereof › 24.11 - Tax Receivable Notes for the City of Yonkers.

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