N.Y. Local Finance Law § 24.10

§ 24.10. Tax receivable notes. The city of New York may issue tax\nanticipation notes which are tax receivable notes. As used in this\nsection, the term "tax receivable notes" shall mean tax anticipation\nnotes issued pursuant to section 24.00 of this title, which shall, upon\nmaturity, at the election of the holder thereof if so provided in such\nnotes, be receivable at full face value and in lieu of cash in payment\nof any tax of the city of New York, any installment of estimated tax of\nthe city of New York, or any interest or penalties thereon, as shall be\ndesignated by the comptroller of the city of New York at the time such\ntax receivable notes are issued. Tax receivable notes received in\npayment of any such tax or installment of estimated tax or interest or\npenalties shall be cancelled by the officer receiving the same, as of\nthe date of their receipt.\n