* § 9-b. Limitations on short-term borrowing. 1. The limitations on
short-term borrowing imposed upon the city by this section shall be in
addition to the limitations on short-term borrowing imposed on the city
under the local finance law. In the event any provisions of the local
finance law shall be inconsistent with the provisions of this section,
the provisions of this section shall prevail. For the purposes of this
section the terms "bond anticipation notes", "tax anticipation notes",
"revenue anticipation notes" and "budget notes" shall not mean one or
more of or any of the respective notes held by the municipal assistance
corporation for the city of New York on June thirtieth, nineteen hundred
seventy-eight or any note of the city held by such corporation issued in
exchange for or in refunding or renewal of any such note.

2. a. No tax anticipation notes shall be issued by the city in
anticipation of the collection of taxes or assessments levied for a
fiscal year which would cause the principal amount of such issue of tax
anticipation notes to exceed an amount equal to ninety per cent of the
available tax levy with respect to such issue.

b. Tax anticipation notes and renewals thereof shall mature not later
than the last day of the fiscal year in which they were issued.

3. a. No revenue anticipation note shall be issued by the city in
anticipation of the collection or receipt of revenue in a fiscal year
which would cause the principal amount of revenue anticipation notes
outstanding to exceed ninety per cent of the available revenues for such
fiscal year. For purposes of this subdivision, available revenues shall
be the revenues other than real estate taxes and assessments which have
been estimated in the financial plan to be realized in cash during such
year, less revenues previously collected, other than revenues on deposit
in the RAN debt service account or any special fund established pursuant
to law for the payment of interest and/or principal of revenue
anticipation notes.

b. Each issue of revenue anticipation notes shall be issued only in
anticipation of the receipt of a specific type or types of revenue and
the amount of revenue, the source of revenue and the anticipated date of
payment shall be stated in the proceedings authorizing the issuance of
such notes.

c. Revenue anticipation notes shall mature not later than the last day
of the fiscal year in which they were issued, and may not be renewed or
extended to a date more than ten days after the anticipated date of
receipt of such revenue. No such renewal note shall mature after the
last day of such fiscal year unless the board shall certify that the
revenue against which such renewal note is issued has been properly
accrued and estimated in the financial plan in effect on the date of
issuance of such renewal note; provided that in no event shall any such
renewal notes mature later than one year subsequent to the last day of
the fiscal year during which such revenue anticipation notes were
originally issued.

4. a. No bond anticipation note shall be issued by the city in any
fiscal year which would cause the principal amount of bond anticipation
notes outstanding, together with interest due or to become due thereon,
to exceed fifty per cent of the principal amount of bonds issued by the
city in the twelve months immediately preceding the month in which the
note is to be issued.

b. The proceeds of each bond issue shall be (i) held in trust for the
payment, at maturity, of the principal of and interest on any bond
anticipation notes of the city issued in anticipation of such bonds and
outstanding at the time of the issuance of such bonds, (ii) paid into
the general fund of the city in repayment of any advance made from such
fund pursuant to section 165.10 of the local finance law, and (iii) any
balance shall be expended for the object or purpose for which such bonds
were issued.

c. Bond anticipation notes shall mature not later than one year after
their date of issuance and may be renewed for a period not to exceed two
years, or such longer period as may be permitted for bond anticipation
notes of the state, from the date of original issue.

5. Budget notes issued pursuant to section 29.00 of the local finance
law may only be issued to fund projected expense budget deficits. No
budget notes or renewals thereof, shall mature later than sixty days
prior to the last day of the fiscal year next succeeding the fiscal year
during which such budget notes were originally issued.

6. The city shall issue no obligations which shall be inconsistent
with the financial plan or with the limitations set forth in
subdivisions one through five of this section.

* Terminates July 1, 2008 or ... see § 13