N.Y. GMU Law § 8

§ 8. Application of revenues of a public improvement or part thereof,\nor service. For the purpose of determining the amount of taxes which may\nbe raised on real estate pursuant to section ten of article eight of the\nconstitution the revenues received in each fiscal year by any county,\ncity or village from that portion of a public improvement or part\nthereof, or service, owned or rendered by such municipal corporation for\nwhich bonds or capital notes are issued after January first, nineteen\nhundred fifty, shall be applied first to the payment of all costs of\noperation, maintenance and repairs thereof incurred during such fiscal\nyear, and then to the payment of the amounts required in such fiscal\nyear to pay the interest on and the amortization of, or payment of, such\nindebtedness contracted for such public improvement or part thereof, or\nservice, or such revenues may be deposited in a special fund to be used\nsolely for such payments. The provisions of this section shall not\nprohibit the use of excess revenues for any lawful county, city or\nvillage purpose. The provisions of this section shall not apply to a\npublic improvement or part thereof constructed to provide for the supply\nof water or to a joint sewage or drainage project described in section\n15.00 of the local finance law.\n