N.Y. Gen. Mun. Law § 120-k

§ 120-k. Payments; how made. It shall be lawful for the governing body\nor board having control of the finances of such contracting\nmunicipality, in lieu of issuing the bonds of such municipality, to pay\nits proportion of the costs and expenses of any improvements jointly\ncontracted for and made under this act, with money to be raised by\ntaxation, after the making of the public improvements herein authorized\nhave been determined upon and a joint contract made and entered into\npursuant to the provisions of this act, or by paying the whole or part\nof such indebtedness out of all moneys belonging to such contracting\nmunicipality not otherwise appropriated or required.\n