Section 120-X. Agreements for joint acquisition, construction and operation of public docks

A town and one or  more  villages  situated  wholly  or  partly  within such town are hereby empowered to enter into an agreement
  for the joint acquisition, construction and operation of a public  dock.
  Such   agreement   shall  provide  for  the  method  of  acquisition  or
  construction of the public dock; the management and  operation  thereof;
  the  method  of  fixing  the  proportionate  share of each participating
  municipality and of making contributions; the method  of  making  annual
  adjustments  of the proportionate shares of the annual cost and expense;
  the adoption of rules and regulations in relation to  the  operation  of
  the  dock  and  the conditions of use; the adjudication of disputes; and
  other matters necessary to effectuate such an arrangement.  The share of
  the capital cost apportioned to the town and  the  village  or  villages
  respectively  may  be financed by each such municipality respectively in
  the manner provided in the local finance law. The share of the  cost  of
  operation  and  maintenance  to  be paid by the town and debt service on
  obligations issued to finance the town's share of capital cost shall  be
  included  in  the  annual budget of the town and shall be levied against
  the  taxable  real  property  in  the  town  situated  outside  of  such
  participating  village  or  villages. The share of the cost of operation
  and maintenance to be paid by a village and debt service  on  obligation
  issued to finance a village's share of capital cost shall be included in
  the  annual  budget  of  such  village  and  shall be levied against the
  taxable real property in the village. Nothing herein contained shall  be
  construed  to  restrict  or  prohibit  the  exercise  by the town of any
  existing power or authority to provide dock facilities  in  any  village
  situated within such town.