N.Y. General City Law § 21-b: Debt service in relation to certain municipal cooperative activities

§ 21-b. Debt service in relation to certain municipal cooperative

activities. If any joint indebtedness described in title one-A of

article two of the local finance law is allocated and apportioned, or is

excluded, under or pursuant to such title or any other provision of law

for the purpose of determining the debt-contracting power of a county,

city, town, village or school district, such allocation and

apportionment, or exclusion, shall not limit the amount to be raised in

any city outside the limitations applicable to cities set forth in

section ten of article eight of the constitution to provide for the

interest on and the principal of any greater proportionate share of such

debt service which the city has agreed or is required to provide. The

total of the amounts which may be so raised by all participating public

corporations outside any limitation imposed by or pursuant to section

ten of article eight of the constitution to provide for their respective

portions of any payment of principal or of interest on joint

indebtedness shall not exceed the full amount required to be provided by

all of such participants to make any such payment.