N.Y. BVO Law § 10

§ 10. Mortgaging property. If the funds of the corporation shall not\nbe sufficient to pay for any real property purchased by the board of\ntrustees in pursuance of law, or for the construction, repair or\nrebuilding of a suitable building or buildings, and the finishing or\nfurnishing of apartments therefor, the corporation may issue its bonds\nbearing interest, semi-annually, for such additional sum as may be\nrequired therefor, and may execute to any such trustee or trustees, as\nthe board may select, a mortgage upon its real property as security for\nthe payment of such bonds or the corporation may borrow such additional\nsum as may be required therefor of any person or corporation and execute\nand deliver its bond for the moneys so borrowed and secure the payment\nthereof by mortgage upon its real property as collateral thereto. The\nproceeds of such bonds or such bond and mortgage shall be applied to the\npayment of debts of the corporation incurred by the purchase of such\nreal property, or the construction and repair of a building or buildings\nthereupon or the finishing or furnishing of apartments therein. Any of\nthe bodies specified in section seven may invest its funds in the bonds\nauthorized by this section to be issued. Such corporation shall have\nauthority also to borrow of any person or corporation such sum as in the\njudgment of its board of trustees may be required to pay the cost of the\nconstruction, repair, rebuilding or reconstruction of any such building\nor buildings, and the finishing or furnishing of apartments therein, and\nto secure the payment of any moneys so borrowed, and to execute and\ndeliver its bond for the sum so borrowed, and to secure the payment of\nthe same by mortgage upon its real property as collateral thereto.\n