N.Y. GCT Law § 21-B

§ 21-b. Debt service in relation to certain municipal cooperative\nactivities. If any joint indebtedness described in title one-A of\narticle two of the local finance law is allocated and apportioned, or is\nexcluded, under or pursuant to such title or any other provision of law\nfor the purpose of determining the debt-contracting power of a county,\ncity, town, village or school district, such allocation and\napportionment, or exclusion, shall not limit the amount to be raised in\nany city outside the limitations applicable to cities set forth in\nsection ten of article eight of the constitution to provide for the\ninterest on and the principal of any greater proportionate share of such\ndebt service which the city has agreed or is required to provide. The\ntotal of the amounts which may be so raised by all participating public\ncorporations outside any limitation imposed by or pursuant to section\nten of article eight of the constitution to provide for their respective\nportions of any payment of principal or of interest on joint\nindebtedness shall not exceed the full amount required to be provided by\nall of such participants to make any such payment.\n