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