New York § 10 - 10Mortgaging property

§ 10. 10Mortgaging property

§ 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.