§ 2538. Payments to the city. (a) In the event that the mayor of such
city certifies to the corporation an amount which is not in excess of
one hundred fifty million dollars as the amount which is required by
such city during the city fiscal year nineteen hundred
seventy-three--nineteen hundred seventy-four to enable such city to
provide essential services during such city fiscal year, the corporation
may within the limitation of aggregate indebtedness set forth in section
twenty-five hundred thirty-six of the title, issue its notes or bonds
and deliver such amount to the comptroller of such city for deposit in
the city's general fund.

(b) In the event that the mayor shall include in his proposed expense
budget for the fiscal year nineteen hundred seventy-four--nineteen
hundred seventy-five of such city an estimate of amounts payable from
the corporation, the mayor shall, by July fifteenth of such fiscal year
certify in writing to the corporation the amounts payable from the
corporation which the city council deducted as part of the total amount
of receipts as estimated by the mayor from the amount of the budget in
fixing the tax rate pursuant to section fifteen hundred fifteen of the
New York city charter. The amount as certified shall be the amount which
is required by the city from the corporation. Upon receipt of such
certification, the corporation may, within the limitation of aggregate
indebtedness set forth in section twenty-five hundred thirty-six of this
title, issue its notes or bonds in an amount adequate to provide the
certified amount and shall promptly deliver such amount to the
comptroller for deposit in the city's general fund. Such certification
shall be deemed a finding by the mayor, city council and city board of
estimate that the city is faced with a grave fiscal crisis warranting
such financial assistance by the corporation.