N.Y. Gen. Mun. Law § 403

§ 403. Additional powers of municipality. In addition to the powers\nwhich it may now have, any municipality shall have power under this\narticle; (a) to acquire by gift, purchase, or the exercise of the right\nof eminent domain, to construct, reconstruct, improve, better or extend\nany undertaking, within or without the municipality, or partially within\nor partially without the municipality, and to acquire by gift, purchase,\nor the exercise of the right of eminent domain, lands or rights in lands\nor water rights in connection therewith, (b) to operate and maintain any\nundertaking within or without the territorial boundaries of the\nmunicipality, (c) to prescribe and collect rates, fees, tolls, charges\nfor the services, facilities and commodities furnished by such\nundertaking and (d) to pledge to the punctual payment of any bonds\nissued to carry out any of the purposes of this article and interest on\nsuch bonds an amount of revenues of such undertaking (including\nimprovements, betterments, or extensions thereto, thereafter constructed\nor acquired) or of any part of such undertaking, sufficient to pay said\nbonds and interest as the same shall become due and to create and\nmaintain reasonable reserves therefor. Such amount may consist of all or\nany part or portion of such revenues.\n