§ 10-a. For the purpose of determining the amount of taxes which may
be raised on real estate pursuant to section ten of this article, the
revenues received in each fiscal year by any county, city or village
from a public improvement or part thereof, or service, owned or rendered
by such county, city or village for which bonds or capital notes are
issued after January first, nineteen hundred fifty, shall be applied
first to the payment of all costs of operation, maintenance and repairs
thereof, and then to the payment of the amounts required in such fiscal
year to pay the interest on and the amortization of, or payment of,
indebtedness contracted for such public improvement or part thereof, or
service. The provisions of this section shall not prohibit the use of
excess revenues for any lawful county, city or village purpose. The
provisions of this section shall not be applicable to a public
improvement or part thereof constructed to provide for the supply of
water.