Restrictions on creation and indebtedness of certain corporations

§ 3. No municipal or other corporation (other than a county, city,\ntown, village, school district or fire district, or a river improvement,\nriver regulating, or drainage district, established by or under the\nsupervision of the department of conservation) possessing the power (a)\nto contract indebtedness and (b) to levy taxes or benefit assessments\nupon real estate or to require the levy of such taxes or assessments,\nshall hereafter be established or created, but nothing herein shall\nprevent the creation of improvement districts in counties and towns,\nprovided that the county or town or towns in which such districts are\nlocated shall pledge its or their faith and credit for the payment of\nthe principal of and interest on all indebtedness to be contracted for\nthe purposes of such districts, and in ascertaining the power of any\nsuch county or town to contract indebtedness, such indebtedness shall be\nincluded, unless such indebtedness would, under the provisions of this\narticle, be excluded in ascertaining the power of a county or town to\ncontract indebtedness. No such corporation now existing shall hereafter\ncontract any indebtedness without the consent, granted in such manner as\nmay be prescribed by general law, of the city or village within which,\nor of the town within any unincorporated area of which any real estate\nmay be subject to such taxes or assessments. If the real estate subject\nto such taxes or assessments is wholly within a city, village or the\nunincorporated area of a town, in ascertaining the power of such city,\nvillage or town to contract indebtedness, there shall be included any\nindebtedness hereafter contracted by such corporation, unless such\nindebtedness would, under the provisions of this article, be excluded if\ncontracted by such city, village or town. If only part of the real\nestate subject to such taxes or assessments is within a city, village or\nthe unincorporated area of a town, in ascertaining the power of such\ncity, village or town to contract indebtedness, there shall be included\nthe proportion, determined as prescribed by general law, of any\nindebtedness hereafter contracted by such corporation, unless such\nindebtedness would, under the provisions of this article, be excluded if\ncontracted by such city, village or town.\n