N.Y. Educ. Law § 403

§ 403. Application of proceeds of sale. All moneys arising from any\nsale made in pursuance of the last preceding section, shall be applied\nto the expenses incurred in procuring a new site, and in removing or\nerecting thereon a schoolhouse, and improving and furnishing such site\nand building and their appurtenances, so far as such application shall\nbe necessary; and the surplus, if any, shall be devoted to the purchase\nof school apparatus and the support of the school, as the voters of the\ndistrict at any meeting shall direct.\n