Section 5-514. Limitation of tax levy

I. The amount which may be raised by
  general village tax on real  estate  in  any  fiscal  year  for  village
  purposes,  shall  be  the  same  amount as a village may raise under the
  provisions of article eight of the constitution.
    2. 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 village
  outside the limitations applicable to  villages  set  forth  in  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  village  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 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.