(a) The city of Troy, Rensselaer county, is hereby authorized to issue serial bonds on or before December 31, 1995 in an aggregate principal amount not to exceed four million two hundred fifty-five thousand dollars for the specific object or purpose of liquidating the cumulative deficit of four million two hundred fifty-five thousand dollars in its general fund at the close of its fiscal year ended December 31, 1993, including any tax anticipation notes which may be part of said deficit In anticipation of the issuance of the serial bonds authorized to be issued in this subdivision, bond anticipation notes are hereby authorized to be issued, subject to the provisions of subdivision (a) of section two of this act.(b) Further, the city of Troy is hereby authorized to issue serial bonds in an aggregate principal amount not to exceed fourteen million three hundred seventy-five thousand dollars for the purpose of liquidating a projected deficit to be incurred in its general fund during the 1994 fiscal year, together with preliminary costs, due to overestimates of revenues and underestimates of expenditures. In anticipation of the issuance of the serial bonds authorized to be issued in this subdivision, bond anticipation notes are hereby authorized to be issued, subject to the provisions of subdivision (b) of section two of this act.(c) Further, the city of Troy is hereby authorized to issue serial bonds or term bonds in an aggregate principal amount not to exceed $40,000,000 for the purpose of acquiring or causing to be acquired, all or a portion of real property leased by the city of Troy pursuant to one or more lease agreements between the city of Troy and the Troy local development corporation, including the payment of any judgments or compromised or settled claims against the city relating thereto and together with preliminary costs plus such amount of serial bonds or term bonds necessary to fund the bond reserve fund required by the corporation. In anticipation of the issuance of the serial bonds or term bonds authorized to be issued in this subdivision, bond anticipation notes are hereby authorized to be issued.(d) Further, the city of Troy is hereby authorized to issue serial bonds or term bonds in an aggregate principal amount not to exceed six million seventy-six thousand dollars for the purpose of liquidating a projected deficit to be incurred in its general fund during the 1995 fiscal year, together with preliminary costs, due to overestimates of revenues and underestimates of expenditures. In anticipation of the issuance of the serial bonds authorized to be issued in this subdivision, bond anticipation notes are hereby authorized to be issued, subject to the provisions of subdivision (b) of section two of this act.(e) Whenever this section establishes a limit on the principal amount of bonds or notes that the city is authorized to issue, there shall not be counted against such limit (i) amounts determined by the city to be used to pay the costs of issuing such bonds or notes, (ii) the amount of bonds or notes that would constitute interest under the Internal Revenue Code of 1986, as amended, and (iii) the portion of any bonds or notes issued to accomplish the purposes described in subdivision (c) of this section to the extent necessary to pay interest to the date of redemption or maturity, redemption premium, if any, or other similar costs relating to the accomplishment of such purposes.(f) Notwithstanding the bond authorizations contained in this section, the city shall not issue any bonds in excess of the amount authorized by section 104.00 of the local finance law.N.Y. City of Troy Issuance of Serial Bonds Law § 1