(b) No bond shall be issued by the corporation for a purpose set forth in subparagraph (d) of section three thousand thirty-seven of this article and any note issued for such a purpose shall mature not later than the end of the fiscal year in which it is originally issued.

(c) Whenever all or a portion of a series of notes or bonds of the corporation is issued for a purpose set forth in section three thousand thirty-seven of this article, to the extent that the payment of the proceeds of such series is evidenced by a bond or bonds of the city, not more than one year following a scheduled payment of principal on any such city bond (including sinking fund installments), a substantially equal payment of principal (including sinking fund installments) shall be scheduled with respect to the notes or bonds included in such series of the corporation.

(d) Whenever all or a portion of a series of bonds or notes of the corporation is issued for a purpose set forth in section three thousand thirty-seven-a of this title, the payment of the proceeds of such series of bonds or notes to the city shall be evidenced by a bond or bonds of the city issued in accordance with applicable provisions of the state constitution and local finance law then in effect at the time any such bond or bonds are issued; provided, however, that principal payments on any such issue of city bonds shall in no event be scheduled to fall on a date later than the date on which falls a corresponding amount of scheduled principal payments on the series of bonds of the corporation originally issued to provide such proceeds or issued to refund notes of the corporation issued to provide such proceeds. 4. If the bond resolution or other resolution pursuant to which any obligations of the corporation are issued shall designate, with the approval of any emergency financial control board then established for the city or, if none, then with the approval of the mayor, the corporation may hereafter issue obligations which shall, upon maturity, at the election of the holder thereof if so provided in such obligations, be receivable at full face value and in lieu of cash in payment of any tax of the city, any installment of estimated tax of the city, or any interest or penalties thereon. Any obligations of the corporation so received in payment of any such tax or installment of estimated tax or interest or penalties shall be presented to the corporation for payment to the city. * NB The corporation shall continue for a term ending the later of July 1, 2008 or one year after its liabilities have been fully paid and discharged per sub 1.