New York Laws
Title 3 - Municipal Assistance Corporation for the City of New York
3033 - Creation of the Municipal Assistance Corporation for the City of New York; Authorized Indebtedness.

(b) No bond shall be issued by the corporation for a purpose set forth
in subparagraph (d) of section three thousand thirty-seven of this
article and any note issued for such a purpose shall mature not later
than the end of the fiscal year in which it is originally issued.
(c) Whenever all or a portion of a series of notes or bonds of the
corporation is issued for a purpose set forth in section three thousand
thirty-seven of this article, to the extent that the payment of the
proceeds of such series is evidenced by a bond or bonds of the city, not
more than one year following a scheduled payment of principal on any
such city bond (including sinking fund installments), a substantially
equal payment of principal (including sinking fund installments) shall
be scheduled with respect to the notes or bonds included in such series
of the corporation.
(d) Whenever all or a portion of a series of bonds or notes of the
corporation is issued for a purpose set forth in section three thousand
thirty-seven-a of this title, the payment of the proceeds of such series
of bonds or notes to the city shall be evidenced by a bond or bonds of
the city issued in accordance with applicable provisions of the state
constitution and local finance law then in effect at the time any such
bond or bonds are issued; provided, however, that principal payments on
any such issue of city bonds shall in no event be scheduled to fall on a
date later than the date on which falls a corresponding amount of
scheduled principal payments on the series of bonds of the corporation
originally issued to provide such proceeds or issued to refund notes of
the corporation issued to provide such proceeds.
4. If the bond resolution or other resolution pursuant to which any
obligations of the corporation are issued shall designate, with the
approval of any emergency financial control board then established for
the city or, if none, then with the approval of the mayor, the
corporation may hereafter issue obligations which shall, upon maturity,

at the election of the holder thereof if so provided in such
obligations, be receivable at full face value and in lieu of cash in
payment of any tax of the city, any installment of estimated tax of the
city, or any interest or penalties thereon. Any obligations of the
corporation so received in payment of any such tax or installment of
estimated tax or interest or penalties shall be presented to the
corporation for payment to the city.
* NB The corporation shall continue for a term ending the later of
July 1, 2008 or one year after its liabilities have been fully paid and
discharged per sub 1.