[Added 6-2-1986]
The Comptroller of the City of Albany shall be and he hereby is empowered
to authorize the issuance of and to issue bond anticipation notes, tax anticipation
notes and revenue anticipation notes of the City of Albany and renewals of
any and all such notes at such time and under such circumstances as he deems
proper and advisable, and the City Comptroller is further authorized and empowered
to prescribe the terms, form and content of such notes and to execute such
notes in the name of and on behalf of the City and to sell at private sale
and deliver the same to the purchaser thereof, all such action on the part
of the Comptroller to be pursuant to and consistent with the provisions of
the Local Finance Law of the State of New York.
The full faith and credit of the City of Albany shall be and are hereby
pledged for the punctual payment of the principal of and interest on all notes
issued by said Comptroller pursuant to the power delegated to him under the
terms of this article.
The power to issue notes of the City of Albany was delegated to the
City Comptroller by ordinance passed by the Common Council on February 1,
1960, but was never codified.
