N.Y. GMU Law § 3-A

§ 3-a. Rate of interest on judgments and accrued claims against\nmunicipal corporations. 1. Except as provided in subdivisions two, four\nand five of this section, the rate of interest to be paid by a municipal\ncorporation upon any judgment or accrued claim against the municipal\ncorporation shall not exceed nine per centum per annum.\n 2. The rate of interest to be paid upon any judgment or accrued claim\nagainst the municipal corporation arising out of condemnation\nproceedings or action to recover damages for wrongful death shall not\nexceed six per centum per annum.\n 3. The term "municipal corporation" as used in this section shall mean\nand include a city, county, village, town, school district, fire\ndistrict, a special or public district organized for the purpose of\nfinancing the costs of public improvements or a pension or retirement\nsystem supported in whole or in part by any such city, county, village,\ntown, school district or special or public district.\n 4. Payments of interest or principal on any note or bond of the city\nof New York issued on or after the effective date of this act which is\nguaranteed under the New York City Loan Guarantee Act of 1978, Public\nLaw 95-339, and which such city has not paid or made funds available to\npay when due, shall accrue interest at the rate borne for principal by\nsuch obligation from such due date until (i) there shall have been\ndeposited with an independent trustee sufficient monies to cover such\noverdue payment and any interest accrued thereon to the date of such\ndeposit and (ii) the making of such deposit shall have been announced\nfor three days in succession in a newspaper of general circulation in\nthe city of New York.\n 5. Bonds, notes and certificates of participation, and agreements and\ninstruments related to the foregoing, as authorized pursuant to\nparagraph (e) of section 54.10, section 54.90 or section 168.00 of the\nlocal finance law, or section one hundred nine-b of this chapter may\nprovide for the payment of interest on judgments and claims payable to\nor for the account of providers of credit or liquidity support or their\nsuccessors in interest, notwithstanding any limitations imposed by this\nsection.\n