§ 25.10. Urban renewal notes. a. To effectuate the purposes of article
eighteen of the state constitution and article fifteen of the general
municipal law, any municipality which has authorized an urban renewal
project may issue urban renewal notes, from time to time, in
anticipation of the receipt of moneys for such project, or any part
thereof, from (1) the sale of real property, or any interest therein,
acquired for or incidental to such project; or (2) the United States
government pursuant to title one of the housing act of nineteen hundred
forty-nine, as amended; or (3) the state of New York pursuant to the
general municipal law; or from any or all such sources. Such notes may
be issued in anticipation of the receipt of such moneys whether or not
such moneys are to be received or to become due and payable during the
fiscal year in which such notes are issued.

b. Such notes shall mature within one year from the date of their
issue and may be renewed from time to time, but each renewal shall be
for a period not exceeding one year, provided that no such notes or any
renewals thereof, issued in anticipation of the receipt of moneys for an
urban renewal project, shall extend more than seven years beyond the
date of the first such note or notes issued in connection with such
project. In any event, urban renewal notes shall not be renewed after
the receipt of the moneys in anticipation of which such notes were
issued.

c. Where, prior to the effective date of this section, a municipality
has issued a revenue anticipation note in anticipation of the receipt,
of any such moneys, such note, or any renewal thereof, may be renewed,
in whole or in part, by the issuance of an urban renewal note subject to
the limitations of this section. In such event, the seven-year period
specified in paragraph b of this section shall be computed from the date
of issue of the original revenue anticipation note, and such urban
renewal note shall be deemed a renewal note for the purposes of this
chapter.

d. Urban renewal notes shall be redeemed from the moneys in
anticipation of the receipt of which they were issued. However, if such
moneys are not received or are not received in an amount sufficient to
redeem such notes in full, such notes, to the extent such moneys are not
sufficient, shall be redeemed:

1. From any unincumbered balance in any fund which may be applied to
the payment thereof;

2. By a budgetary appropriation; or

3. By the proceeds of the sale of serial bonds issued pursuant to
section 93.00 of this chapter for the purpose of refunding such notes.

e. The total amount of urban renewal notes which a municipality may
issue for any urban renewal project in anticipation of the receipt of
any such moneys shall not exceed the total estimated cost of such
project as stated in the certificate of the chief fiscal officer of the
municipality approved and filed as hereinafter provided less (a) the
total amount of any and all advances, loans and grants made by the
federal government or by the state of New York to such municipality in
aid of such project prior to and including the date of the issuance of
any such note or notes; (b) the amount of any local grants-in-aid made
or to be made for such project; and (c) the amount of the proceeds of
the sale of any real property acquired for or incidental to such project
actually received by such municipality prior to and including the date
of the issuance of any such note or notes.

Such certificate of the chief fiscal officer of the municipality shall
be in such form and shall contain such information as shall be
prescribed by the state comptroller and shall be filed not more than
fifteen nor less than three days before the sale of any such note or
notes in the office of the state comptroller with the approval thereof
of the commissioner of housing endorsed thereon.

f. All such moneys in anticipation of which any urban renewal note or
notes shall have been issued, as thereafter received or collected, shall
be set aside in a special bank account to be used only for the payment
of such urban renewal notes as they become due. Any municipality may
make budgetary appropriations for the redemption of urban renewal notes
whether or not required or otherwise authorized by law to do so. In the
event such an appropriation is made, such municipality shall not be
required to pay into such special account so much of such moneys as
shall equal the amount of such appropriation but any moneys not so paid
into such special account may be used in the manner provided by law or,
if there is no provision of law pertaining to the use of such moneys,
they shall be treated as surplus moneys for the fiscal year in which
they are collected.