N.Y. Village Law § 17-1726: Obligations and property

§ 17-1726 Obligations and property. The outstanding obligations,

contracts, and bonds of any such town or of any district therein,

incurred, made or issued for the purpose of improving the highways

thereof, or constructing overhead or undergrade crossings, or

constructing sidewalks or for sewers or sewer district purposes, or for

water or water district purposes, or for fire district purposes,

including all obligations now outstanding or hereafter imposed upon any

such town or district therein, shall devolve upon and be assumed by any

such village, and the board of trustees of any such village, is hereby

authorized and empowered, and it shall be its duty, to provide for the

payment and discharge of such obligations, contracts and bonds by

taxation or assessment of taxes in the same manner as the board of

supervisors or county legislative body, town board, or supervisor or

officers of such town, or of any district therein are or may be

authorized to provide therefor or by taxation of all the taxable

property in such village in any case in which by virtue of any provision

of this act or of any other statute such obligations, contracts or bonds

are or may be made a general village charge. All moneys, credits and

property of the said town, including all public moneys payable to the

said town, or to its supervisor, for general town purposes under any

present or future law, shall be paid to any such village for the general

purposes of such village, and all the moneys, credits and property of

any sewer district, water district, fire district, or other tax district

now existing or hereafter established therein, including all moneys

payable under any present or future law to any such town or to its

supervisor for specified town or district purposes, shall be paid and

delivered to such village by the several custodians thereof and applied

by the board of trustees of such village to the said purposes. In any

such village the treasurer thereof shall serve as the fiscal officer of

any such town, and the receiver, collector or custodian of any taxes or

other moneys payable to the supervisor of any such town under any

present or future law, shall pay the same to the village treasurer who

shall apply the same under the direction of the town board, or of the

supervisor, or otherwise, to the lawful purposes for which the same

shall have been raised. In every such village all taxes and assessments

levied or assessed before incorporation upon the taxable property in the

said town or upon the taxable property in any water district, fire

district, lighting district, or sewer district therein for town or

district purposes shall, when collected, be paid over to such village

and used by such village for the purposes for which the same were levied

and assessed.