New York Consolidated Laws, General Municipal Law - GMU § 9. Use of tax moneys raised outside constitutional tax limit

a. The payment in such year or in any future fiscal year or years of all or any part of the cost of an object or purpose for which bonds may be issued, or

b. The payment of the interest on and principal of indebtedness, and the taxes required for such appropriation are excluded from the tax limitation prescribed by section ten of article eight of the state constitution, the amount so appropriated shall be used only for the object or purpose for which such appropriation was made, except as otherwise provided in subdivision two of this section.

a. An appropriation for an object or purpose for which bonds may be issued;

b. An appropriation to a reserve fund established pursuant to law for the financing of all or part of the cost of an object or purpose for which bonds may be issued;  or

c. An appropriation for the payment of the interest on and principal of indebtedness, other than indebtedness evidenced by bonds and notes described in paragraphs A and D of section five of article eight of the state constitution, or renewals thereof.