2006 New York Code - Payment In Lieu Of Taxes For Property Acquired For Park And Recreational Purposes.

 
    * §  64-c. Payment in lieu of taxes for property acquired for park and
  recreational purposes. The town of Hempstead,  having  acquired  certain
  property  for  park and recreational purposes in Lido Beach known as the
  Lido Golf Club and the  Lido  Cabana  Club  shall  have  the  power  and
  authority  with  respect to such property, to pay or transfer out of any
  town funds available to it, annual sums in lieu of taxes to the affected
  taxing jurisdiction, in order that  none  of  such  taxing  jurisdiction
  shall  suffer  an inequitable loss of revenue by virtue of such park and
  recreational program; provided further,  that  the  amount  so  paid  or
  transferred  for  any  year shall not exceed the sum last levied for the
  benefit of such taxing jurisdiction as an annual tax  on  such  property
  prior to the time of its acquisition for such purposes.
    As  used  in  this  section,  the term "taxing jurisdiction" means any
  municipal corporation or  district  corporation,  including  any  school
  district  or  any special district, having the power to levy and collect
  taxes and benefit assessments upon real property in  Lido  Beach  or  in
  whose  behalf  such  taxes  or  benefit  assessments  may  be  levied or
  collected.
    That the  payments  or  transfers  made  pursuant  to  the  power  and
  authority  granted  herein  with respect to such property shall continue
  notwithstanding that the legislature  of  the  state  of  New  York  may
  hereinafter  alter, modify or replace the current method of financing of
  public  education  and  notwithstanding  that  a  court   of   competent
  jurisdiction  may hereinafter order that such method of financing public
  education be altered, modified or replaced.
    * NB Expires July 1, 2008