Section 150.00. Two per centum limitation on housing or urban renewal indebtedness

a. To effectuate any of the purposes of article  eighteen  of  the  state constitution as implemented by the public housing law and
  any other laws, any city, town or village may contract  indebtedness  to
  an  amount which shall not exceed two per centum of the average assessed
  valuation of such city, town or village.
    b. The power of a town  or  a  village  of  less  than  five  thousand
  population  as  determined  by  the  last  federal  census  to  contract
  indebtedness  pursuant  to  this  section  shall  be  subject   to   the
  limitations  on  the power to contract indebtedness set forth in section
  104.00 of this chapter.
    c. A city or a village having a population of five thousand or more as
  determined by the last federal census shall have the power  to  contract
  indebtedness, for the purposes set forth in paragraph a of this section,
  in  excess  of the debt limitations prescribed in section 104.00 of this
  chapter. If the indebtedness is charged to the debt  limit  provided  in
  paragraph  a  of  this section, such city or village shall annually levy
  one or more of the taxes enumerated in article six of the public housing
  law, to an extent sufficient to provide for the payment of the principal
  of and interest on any such indebtedness.
    d. This section shall not apply to housing or urban  renewal  purposes
  (i)   to  the  extent  that  the  legislative  power  to  authorize  the
  contracting of indebtedness therefor is derived from  sections  two  and
  four of article eight of the constitution or from any other provision of
  the  constitution outside of article eighteen or (ii) to the extent that
  there is  a  sufficient  margin  of  debt  contracting  power  to  cover
  indebtedness  for  housing or urban renewal purposes contracted pursuant
  to  article  eighteen  of  the  constitution  within  the   debt   limit
  established  by section four of article eight of the constitution unless
  the finance board shall elect to charge such outstanding indebtedness or
  any part thereof against the debt limit provided in this section.