2538 - Payments to the city.

§  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.