§ 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.