2006 New York Code - Payment In Lieu Of Taxes For Property Acquired For Open Space Purposes.

 
    *  §  64-d.  Payment  in  lieu of taxes for property acquired for open
  space purposes. The town of Southampton, Suffolk county, having  adopted
  a  bond  resolution by a referendum on November fourth, nineteen hundred
  eighty-six authorizing the acquisition of open space areas in the  town,
  stating  the  estimated  maximum  cost thereof is eight million dollars,
  appropriating said amount therefor, and authorizing the issuance of four
  hundred thousand dollars capital notes  to  provide  the  required  down
  payment,  and  authorizing  the  issuance  of  seven million six hundred
  thousand dollar serial bonds to said town to finance the balance of said
  appropriation, shall have  the  power  and  authority  with  respect  to
  property  acquired pursuant to the aforementioned bond resolution 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  jurisdictions  shall  suffer  an  inequitable loss of revenue by
  virtue of such open space acquisition program. 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 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 Section operative only to and including June 30, 2003