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N.Y. RAT Law § 38

This is the official text of N.Y. RAT Law § 38, part of New York’s RAT Law — part of the compiled statutory law of New York, published by the state as "RAT Law." Browse the sections below, each linked to its official government source.

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Notwithstanding any other provision of law, the board of estimate or other analogous local authority of any such city is authorized to is...

Official statutory text

§ 38. Notwithstanding any other provision of law, the board of\nestimate or other analogous local authority of any such city is\nauthorized to issue evidences of indebtedness to be known as budget\nnotes in an aggregate amount not to exceed nineteen million dollars, for\nthe purpose of providing funds for the payment of any deficit of\nrevenues derived from operation of any railroad owned and operated by\nsuch city, arising out of any adjustments in the salaries or\ncompensation of officers and employees of any such railroad during the\nfiscal year ending on the thirtieth day of June, nineteen hundred\nforty-seven. Such budget notes shall be redeemed in three equal\ninstallments from appropriations to be included in the annual expense\nbudgets of such city for the fiscal years nineteen hundred\nforty-seven--nineteen hundred forty-eight, nineteen hundred\nforty-eight--nineteen hundred forty-nine and nineteen hundred\nforty-nine--nineteen hundred fifty.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.