N.Y. GCT Law § 116

§ 116. Certificates of deposit. The legislative body of a city may\nauthorize and empower its chief fiscal officer, in his discretion, to\nissue certificates of deposit, each in the sum of ten dollars, or any\nmultiple thereof, and at such a rate of interest, if any, as he shall\nprescribe and to sell the same for not less than their face value at\nprivate sale, in such manner and at such times as he deems best for the\npublic interest so to do. The proceeds of such sales shall be used only\nfor the purpose for which such certificates of deposit are issued. The\ncertificates so sold as aforesaid may be used only by the holders\nthereof for the payment of taxes and/or assessments levied by the city\nwhen such taxes and/or assessments are or shall become due and payable,\nand such certificates shall be taken by the treasurer of such city for\nthe payment of such taxes and/or assessments at the par value thereof\nand any accrued interest thereon, provided, however, that each such\ncertificate shall cease to bear interest after the expiration of two\nyears from the date thereof.\n