New York Laws
Article 5 - Municipal Aid
92 - Real Estate Tax for Debt Service.

§ 92. Real estate tax for debt service. If a city issues its
obligations for any project or to raise funds to loan in aid of a
project, such city may levy an ad valorem tax on real estate to the
extent that revenues derived in any year from taxes levied pursuant to
this chapter, together with revenues from the project or projects aided
by the proceeds of any such obligations shall become insufficient to
provide fully for the payment of principal and interest in that year
upon obligations issued for either or both purposes.

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