[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.