After Obama ban, will Lakewood have to rid itself of military ammo and other donated equipment?

From .50-caliber weapons to grenade launchers, President Barack Obama said he will limit military equipment available to local police agencies.  Many local Police dept's have ammo that wouldn't be allowed under the new order. The president will enact recommendations made by a group which included New Jersey State Police. The group's report was critical of equipment that isn't necessary and sends the wrong message to the community. Are those cool Israeli weapons allowed?