N.Y. Vill. Law § 11-1100

§ 11-1100 Contracts for water supply. The board of water commissioners\nmay contract, in the name of the village, with an individual or\ncorporation for supplying water to the village for extinguishing fires\nor for other public purposes; but such contracts shall not be made for a\nlonger period than forty years. The amount of such contract shall be\npaid in installments in accordance with the resolution of the board\nauthorizing same.\n