§ 205. Compromise of claims. The corporation counsel shall, whenever he considers that the interests of the city will be subserved thereby, enter into an agreement in writing, subject to the approval of the board of estimate and apportionment, to compromise and settle any claim against the city, which agreement shall constitute a valid obligation against the city; and the amount therein provided to be paid shall, with interest thereon from its date, be included in the next city tax budget and be collected and paid the same in all respects as a judgment against the city. If, however, before the adoption of the city tax budget there shall be received by the city treasurer from any source any moneys not otherwise appropriated, the amount in the agreement provided to be paid out of such moneys so received, so far as they will satisfy the same.

Terms Used In N.Y. Second Class Cities Law 205

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.