New York Laws
Title 18 - State of New York Municipal Bond Bank Agency Act
2435-B - Tax Lien Purchase and Sale Agreements.

(2) Any purchase and sale agreement entered into pursuant to
subdivision one of this section shall provide that the obligation of the
municipality executing such purchase and sale agreement to fund or pay
the amounts therein provided for shall not constitute a debt of such
municipality within the meaning of any constitutional or statutory
provision and shall be deemed executory only to the extent of moneys
available and that no liability shall be incurred by such municipality
beyond the moneys available for such purpose, and that any such payment
obligation of such municipality other than the timely payment of any
moneys collected by it and due to the agency or its tax lien entity as a
result of the redemption of tax liens which are the subject of such
purchase and sale agreements, is subject to appropriation by the
appropriate legislative body of such municipality.

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