No county, municipality or other political subdivision of this State shall be party to a library agreement which provides for the construction or maintenance of a library pursuant to article III, subsection (c), subdivision (7) of the compact, nor pledge its credit in support of such a library or contribute to the capital financing thereof, except after compliance with any laws applicable to such counties, municipalities or other political subdivisions of this State relating to or governing capital outlays and the pledging of credit.
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