New York Consolidated Law|SECTION 10

                                                

  § 10. Mortgaging property. If the funds of the corporation shall not
be sufficient to pay for any real property purchased by the board of
trustees in pursuance of law, or for the construction, repair or
rebuilding of a suitable building or buildings, and the finishing or
furnishing of apartments therefor, the corporation may issue its bonds
bearing interest, semi-annually, for such additional sum as may be
required therefor, and may execute to any such trustee or trustees, as
the board may select, a mortgage upon its real property as security for
the payment of such bonds or the corporation may borrow such additional
sum as may be required therefor of any person or corporation and execute
and deliver its bond for the moneys so borrowed and secure the payment
thereof by mortgage upon its real property as collateral thereto. The
proceeds of such bonds or such bond and mortgage shall be applied to the
payment of debts of the corporation incurred by the purchase of such
real property, or the construction and repair of a building or buildings
thereupon or the finishing or furnishing of apartments therein. Any of
the bodies specified in section seven may invest its funds in the bonds
authorized by this section to be issued. Such corporation shall have
authority also to borrow of any person or corporation such sum as in the
judgment of its board of trustees may be required to pay the cost of the
construction, repair, rebuilding or reconstruction of any such building
or buildings, and the finishing or furnishing of apartments therein, and
to secure the payment of any moneys so borrowed, and to execute and
deliver its bond for the sum so borrowed, and to secure the payment of
the same by mortgage upon its real property as collateral thereto.