[HISTORY: Adopted by the Board of Trustees of the Village of Ossining as indicated in article histories. Amendments noted where applicable.]
[Adopted 2-5-1974 as Art. I of the 1974 Code]
In the fiscal year beginning January 1, 1948, and each fiscal year thereafter, the entire cost of all machinery including motor vehicles to be purchased or acquired in any fiscal year by the Village of Ossining shall be paid for by direct budgetary appropriation for such fiscal year or by the issuance during such fiscal year of capital note pursuant to the Local Finance Law. All taxes required for such appropriation or for the redemption of such capital notes shall be excluded from the tax limitation prescribed by § 10 of Article 8 of the State Constitution in the manner provided by § 122.00 of the Local Finance Law. The Treasurer of the Village is hereby directed in each such fiscal year to determine the amount of such taxes to be deemed indebtedness pursuant to § 122.00 of the Local Finance Law and to set forth such determination in a statement in writing. He or she is further directed to request the approval of the State Collector on such determination and to file such determination all in the manner provided by § 122.00 of the Local Finance Law. Nothing herein contained shall be construed to prohibit or prevent the payment of all or any part of the cost of such machinery including motor vehicles from moneys legally available for such purpose in any capital reserve fund hereof or hereinafter created pursuant to the provisions of the General Municipal Law.