New York Consolidated Laws, General Municipal Law - GMU § 403. Additional powers of municipality

In addition to the powers which it may now have, any municipality shall have power under this article;  (a) to acquire by gift, purchase, or the exercise of the right of eminent domain, to construct, reconstruct, improve, better or extend any undertaking, within or without the municipality, or partially within or partially without the municipality, and to acquire by gift, purchase, or the exercise of the right of eminent domain, lands or rights in lands or water rights in connection therewith, (b) to operate and maintain any undertaking within or without the territorial boundaries of the municipality, (c) to prescribe and collect rates, fees, tolls, charges for the services, facilities and commodities furnished by such undertaking and (d) to pledge to the punctual payment of any bonds issued to carry out any of the purposes of this article and interest on such bonds an amount of revenues of such undertaking (including improvements, betterments, or extensions thereto, thereafter constructed or acquired) or of any part of such undertaking, sufficient to pay said bonds and interest as the same shall become due and to create and maintain reasonable reserves therefor.  Such amount may consist of all or any part or portion of such revenues.