The Text

Whenever any county, city or village is required by law to pay for all or any part of the cost of capital improvements by direct budgetary appropriation in any fiscal year or by the issuance of certificates or other evidence of indebtedness (except serial bonds of an issue having a maximum maturity of more than two years) to be redeemed in one of the two immediately succeeding fiscal years, taxes required for such appropriation or for the redemption of such certificates or other evidence of indebtedness may be excluded in whole or in part by such county, city or village from the tax limitation prescribed by section 10 of this article, in which event the total amount so required for such appropriation and for the redemption of such certificates or other evidence of indebtedness shall be deemed to be indebtedness to the same extent and in the same manner as if such amount had been financed through indebtedness payable in equal annual installments over the period of the probable usefulness of such capital improvement, as determined by law.
The fiscal officer of any such county, city or village shall determine the amount to be deemed indebtedness pursuant to this section, and the legislature may, in its discretion, provide that such determination, if approved by the state comptroller, shall be conclusive.