§ 99-s. Transfer and sale of delinquent real estate tax receivables.
1. A city with a population of one million or more, acting through its
finance commissioner, collector of taxes or other officer responsible
for the collection of real estate taxes, may sell or transfer any
portion of or all its interest in any or all of its delinquent real
estate tax receivables, including any penalty or interest thereon.
Provided, however, no such sale or transfer shall take place without
adoption of a local law, ordinance or resolution authorizing each such
sale or transfer.

2. a. Delinquent real estate tax receivables shall be sold only at
public sale to the bidder offering the highest total return to such city
including fees and other payments.

b. There shall be published, at least once, not less than five nor
more than thirty days before the date fixed for the public sale of
delinquent real estate tax receivables, a notice of such public sale.
Such notice shall be published in any financial newspaper published and
circulated in such city which the state comptroller, by rules and
regulations, shall designate for such publication, or in lieu thereof,
such notice shall be circulated in such manner as the state comptroller
shall prescribe, within ninety days after this section shall take
effect, pursuant to such rules and regulations and shall be published in
any newspaper or newspapers which the finance board of such city may
designate for such purpose.

c. Such notice shall call for sealed bids for the purchase of such
delinquent real estate tax receivables, and shall state:

1. The place where bids will be received and considered.

2. (a) The time and date for the opening of bids, which shall be only
on weekdays, Saturdays and holidays excluded, between the hours of ten
o'clock ante meridian and four o'clock post meridian, eastern standard
time.

(b) In lieu of the statement of the time and date for the opening of
bids required by clause (a) of this subparagraph, a statement (i) that
the time and date for the opening of bids will be provided on not less
than twenty-four hours prior notice by means of a supplemental notice of
sale and indicating the manner in which such supplemental notice will be
provided, or (ii) setting a time and date for the opening of bids,
stating that notice of a change in the time or date for the opening of
bids may be provided not less than twenty-four hours prior to the time
originally scheduled for the opening of bids by means of a supplemental
notice of sale and indicating the manner in which such supplemental
notice will be provided. Where notice is given that the time or date of
a sale will be changed without specifying the new time or date, notice
of the new time or date of sale must be provided by means of a second
supplemental notice of sale at least twenty-four hours prior to the new
time for the opening of bids.

(c) A supplemental notice of sale shall refer to and be deemed a part
of the notice of sale required by this section and shall not establish
or change the terms of the sale other than the time or date for the
opening of bids. The time set for the opening of bids in the
supplemental notice of sale shall not be less than five nor more than
thirty days after publication of the notice of sale required pursuant to
paragraph a of this subdivision.

(d) Public notice of the time and date set for the opening of bids
shall be given to the news media and shall be posted in one or more
designated public locations within such city at least twenty-four hours
prior to the time and date set for the opening of bids or, in the case
of a time and date set or changed in a supplemental notice of sale, at
least twenty-four hours prior to such time and date; provided, however,
that such public notice shall not be construed to require publication as
a legal notice.

d. All bids shall be opened publicly at the time and place stated in
the notice of sale, and not before, and shall be publicly announced.
Prior to the time fixed for such public opening of bids, a sealed bid
may be amended by a bidder by delivery to the official to whom the
sealed bid was delivered of a sealed amendment to such bid. No bid shall
be amended by a telegraphic or telephonic communication.

e. Advertisements shall contain a provision to the effect that such
city, in its discretion, may reject any or all bids made in pursuance of
such advertisements, and in the event of such rejection, such city is
authorized to readvertise for bids in the form and manner above
described as many times as, in its judgement, may be necessary to effect
a satisfactory sale.

3. Without limitation of the foregoing, any sale or transfer agreement
entered into pursuant hereto may also contain provisions requiring such
city to undertake to replace such receivable with the transferee or
purchaser for any misrepresentation or mistake as to the description or
status of any delinquent real estate tax receivable which is the subject
of such sale or transfer agreement.

4. In no event shall such city pay any such receivable other than from
moneys collected thereon by such city. Any revenues received by such
city for payment of delinquent real estate taxes including any penalties
and interest thereon where the interest in such delinquent real estate
tax receivable has been sold or transferred, shall be deposited in a
special fund to be created by such city. Such fund shall be kept
separate and apart from any other funds and accounts of such city.
Moneys in such fund shall first be used to pay any such receivables.
Moneys in the fund in excess of that needed to pay such receivables may
be used for any other city purpose as authorized by law. In no event
shall such city guarantee payment, or be construed as guarantor of
payment for such receivables.

5. Such city shall remain responsible for servicing, collecting and
enforcing any such receivables in the same manner as if such receivables
had not been sold. The obligation of such city to service or collect
any such receivables on behalf of the purchaser or transferee thereof
shall terminate with respect to each receivable upon the date three
years from the date such receivable was sold or transferred by such city
or such earlier date as payment is made to such purchaser or transferee
of such receivable, including any penalty or interest thereon, equal to
the consideration paid for such sale or transfer plus any fees or other
payments in accordance with the terms of sale or transfer of the
receivables and such city shall thereafter collect and enforce such
receivables solely on its own behalf.

6. The transferee of the delinquent real estate tax receivables or
interests therein, during the term of an agreement with such city, may
perfect a security interest in such delinquent real estate tax
receivables or interests therein by the filing of financing statements,
as provided in article nine of the uniform commercial code, with respect
thereto giving a reasonable description of such receivables or interests
so transferred as identified on the records kept for such purpose by the
officer of such city responsible for the collection of real estate
taxes.