Section 229 - Financing of town's share of cost1. Notwithstanding the provisions of any other law, a town may appropriate and spend money to pay its share of the cost of an approved project.2. Moneys for the town's share of the cost shall be raised by tax on taxable real property in the town outside villages in the manner provided in section one hundred fifteen of the town law. In addition, unexpended balances of appropriations for the town's share of the cost of an approved project, moneys available for the purposes specified in subdivision one of section one hundred forty-one of the highway law, state aid received by a town for the town outside village areas pursuant to section fifty-four of the state finance law and money received by the town under the state and local fiscal assistance act of nineteen hundred seventy-two, and moneys received by the town from the county for projects pursuant to this article, also may be used to pay for the town's share, or portion thereof, provided, however, that under no circumstances shall state aid paid to the town in any year under sections two hundred seventy-nine, two hundred eighty and two hundred eighty-two of the highway law, or money raised, or made available by the town in any year to entitle it to receive such state aid, be used to pay for such share. If a town receives money from a county for a project for which the town's share has already been raised by tax on taxable real property in accordance with this section, such county moneys may be applied to such project and the moneys raised by the town through taxation shall be considered unexpended and may be applied to pay the town's share of the cost of other projects undertaken pursuant to this article in a future year.3. If balances of appropriations for a project pursuant to sections two hundred twenty-two and two hundred twenty-three hereof remain unexpended, such balances, may be used either for purposes specified in subdivision one of section one hundred forty-one of the highway law and pursuant to an agreement executed pursuant to section two hundred eighty-four of such law or to pay for the town's share of the cost of an approved project.4. Nothing hereinabove contained shall prevent the application of the proceeds of non-property taxes allocated to the town, which are in excess of the amount required to be used to reduce county taxes and general town taxes, to the reduction of taxes to meet appropriations for the town's share of an approved project, as provided in subdivisions (c) and (d) of section twelve hundred sixty-two of the tax law relative to the reduction of taxes levied for part-town activities.