N.Y. VIL Law § 14-1434

§ 14-1434 Assessments from year to year to pay bond maturities. Where\na sewerage system to serve part of a village has been financed and\nconstructed pursuant to a resolution of its board of trustees\nauthorizing such improvement at the joint expense of such village, the\nUnited States of America and the lands benefited and determining the\nportion of such expense to be borne by such lands, and where such\nvillage has issued bonds maturing in annual installments over a period\nof fifteen or more years to pay such portion, and such board has adopted\na resolution that the respective amounts of such installments and\ninterest be assessed from year to year upon such lands, such amounts\nshall be so assessed and no part of such expense shall otherwise be or\nbecome a lien upon any such lands. Such board shall annually compute\nthe amount necessary to pay such principal and interest due and to\nbecome due during the fiscal year and apportion and assess the same upon\nsuch lands in proportion as nearly as may be to the benefit which each\nparcel thereof will derive from the construction of such sewerage\nsystem. After making such apportionment such board shall give notice of\nthe completion thereof and that at a specified time and place a hearing\nwill be held to consider and review the same. Such board shall meet at\nthe time and place so specified and hear objections to such\napportionment and modify, correct and file the same in the office of the\nvillage clerk whereupon the same shall be deemed final and conclusive\nunless, within fifteen days, an appeal is taken therefrom. Such board\nmay cause any amount so assessed upon any such parcel to be collected in\nthe manner provided by law for the collection of assessments for local\nimprovement or cause the same to be included in an annual tax levy upon\nsuch parcel. An assessment heretofore made as provided herein shall be\ndeemed valid for all purposes.\n Where lateral sewers are constructed at the expense of the village and\nproperty benefited, as an addition to the sewerage system constructed\nwith federal aid, special assessments may be levied for such laterals\nfrom year to year and the cost thereof apportioned as though said\nlaterals had constituted a part of the original sewerage system\nconstructed with federal aid. Nothing contained in this section shall be\nconstrued to prevent the financing of such expense, in whole or in part,\npursuant to the local finance law.\n