* § 1439-bb. Imposition of tax. Notwithstanding any other provisions
of law to the contrary, the town of Northeast, acting through its town
board, is hereby authorized and empowered to adopt a local law imposing
in such town a tax on each conveyance of real property or interest
therein not to exceed a maximum of two percent of the consideration for
such conveyance, subject to the exemptions set forth in section fourteen
hundred thirty-nine-ee of this article; any such local law shall fix the
rate of such tax. Provided, however, any such local law imposing,
repealing or reimposing such tax shall be subject to a mandatory
referendum pursuant to section twenty-three of the municipal home rule
law. Notwithstanding the foregoing, prior to adoption of such local law,
the town must establish a community preservation fund pursuant to
section sixty-four-j of the town law. Revenues from such tax shall be
deposited in such fund and may be used solely for the purposes of such
fund. Such local law shall apply to any conveyance occurring on or after
the first day of a month to be designated by such town board, which is
not less than sixty days after the enactment of such local law, but
shall not apply to conveyances made on or after such date pursuant to
binding written contracts entered into prior to such date, provided that
the date of execution of such contract is confirmed by independent
evidence such as the recording of the contract, payment of a deposit or
other facts and circumstances as determined by the treasurer.

* NB Repealed December 31, 2028