Section 208. Joint administration and operation of special or improvement districts with town functions

The town board of a town may for  use  in
  common  by  one or more special or improvement districts therein and one
  or more town functions, or combination thereof:
    1. Acquire real or personal property.
    2. Construct and maintain buildings and other structures.
    3. Purchase and maintain equipment, materials and supplies.
    4. Contract for services.
    5. Transfer  or  reallocate  real  or  personal  property,  equipment,
  material,  supplies  and  personnel  between or among such participating
  districts and functions.
    Whenever the powers hereinbefore provided are exercised  by  the  town
  board  on  behalf  of  one  or more districts, such expenditure shall be
  subject to the limitations provided in section two hundred two-b of this
  chapter and shall be authorized in the manner provided in said section.
    Any resolution providing for such joint operation  and  administration
  shall fix a method for equitably allocating the cost and expense between
  or among the various participating districts and functions on a ratio of
  assessed valuations, or on the basis of the amount of services rendered,
  or  the  cost  of  materials  used  or other benefit conferred. Any such
  resolution authorizing the acquisition or  transfer  of  property  shall
  provide for debit, credit or reimbursement of the appropriate fund.  The
  affairs  of  such joint administration and operation shall be so managed
  and adjusted that each participating district or function shall bear not
  more than its equitable share of the common cost and expense.