Section 318. Payment of taxes with authority bonds.
If the resolution of the authority authorizing or awarding bonds shall so provide, with the approval of the mayor or chief executive officer of the assisted city, the authority may issue bonds which shall, upon maturity, at the election of the holder thereof if so provided in such bonds, be receivable at full face value and in lieu of cash in payment of any tax which is pledged as security for such bonds or as security for any agreement between the authority and such city securing the bonds, any installment of estimated tax so pledged to secure such bonds or payment or any interest or penalties thereon. Any bonds of the authority so received in payment of any such tax or installment of estimated tax or interest or penalties shall be presented to the authority for tender to the appropriate collector of such taxes.