ยง 85.80 Authority for municipality or emergency financial control
board to file petition under federal statute. A municipality or its
emergency financial control board in addition to, or in lieu of, filing
a petition under this title, or the city of New York or the New York
state financial control board, may file any petition with any United
States district court or court of bankruptcy under any provision of the
laws of the United States, now or hereafter in effect, for the
composition or adjustment of municipal indebtedness. Nothing contained
in this title shall be construed to limit the authorization granted by
this section. However, no municipality shall file any petition
authorized by this section for so long as its local ARRA bonds, as
defined in section twenty-four hundred thirty-two of the public
authorities law, purchased by the state of New York municipal bond bank
agency and secured by its pledge of tax revenues pursuant to the
authority of section twenty-four hundred thirty-six-b of the public
authorities law remain outstanding.