Section 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.