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