N.Y. Education Law § 403: Application of proceeds of sale

§ 403. Application of proceeds of sale. All moneys arising from any

sale made in pursuance of the last preceding section, shall be applied

to the expenses incurred in procuring a new site, and in removing or

erecting thereon a schoolhouse, and improving and furnishing such site

and building and their appurtenances, so far as such application shall

be necessary; and the surplus, if any, shall be devoted to the purchase

of school apparatus and the support of the school, as the voters of the

district at any meeting shall direct.