N.Y. Village Law § 5-514: Limitation of tax levy

§ 5-514 Limitation of tax levy. I. The amount which may be raised by

general village tax on real estate in any fiscal year for village

purposes, shall be the same amount as a village may raise under the

provisions of article eight of the constitution.

2. 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 village

outside the limitations applicable to villages set forth in 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 village 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 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.