New York Local Finance Law Section 24.10 - Tax receivable notes.

  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.

Last modified: February 3, 2019