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SECTION 253-C
Recording tax imposed by the county of Nassau
Tax (TAX) CHAPTER 60, ARTICLE 11
§ 253-c. Recording tax imposed by the county of Nassau. 1. Nassau
county, acting through its local legislative body, is hereby authorized
and empowered to adopt and amend local laws imposing in any such county
during the period beginning September first, nineteen hundred ninety-two
and ending the earlier of August thirty-first, nineteen hundred
ninety-eight or the last day of the month next succeeding the month in
which the commissioner of taxation and finance receives notice of
sufficient revenues pursuant to paragraph (b) of subdivision five of
this section, a tax of one dollar for each one hundred dollars and each
remaining major fraction thereof of principal debt or obligation which
is or under any contingency may be secured at the date of execution
thereof, or at any time thereafter, by a mortgage on real property
situated within such county and recorded on or after the date upon which
such tax takes effect and a tax of one dollar on such mortgage if the
principal debt or obligation which is or by any contingency may be
secured by such mortgage is less than one hundred dollars.

2. The taxes imposed under the authority of this section shall be
administered and collected in the same manner as the taxes imposed under
subdivision one of section two hundred fifty-three and paragraph (b) of
subdivision one of section two hundred fifty-five of this chapter.
Except as otherwise provided in this section, all the provisions of this
article relating to or applicable to the administration and collection
of the taxes imposed by such subdivisions shall apply to the taxes
imposed under the authority of this section with such modifications as
may be necessary to adapt such language to the tax so authorized. Such
provisions shall apply with the same force and effect as if those
provisions had been set forth in full in this section except to the
extent that any provision is either inconsistent with a provision of
this section or not relevant to the tax authorized by this section. For
purposes of this section, any reference in this article to the tax or
taxes imposed by this article shall be deemed to refer to a tax imposed
pursuant to this section, and any reference to the phrase "within this
state" shall be read as "within Nassau county", unless a different
meaning is clearly required.

3. Where the real property covered by the mortgage subject to the tax
imposed pursuant to the authority of this section is situated in this
state but within and without a county imposing such tax, the amount of
such tax due and payable to such county shall be determined in a manner
similar to that prescribed in the first paragraph of section two hundred
sixty of this chapter which concerns real property situated in two or
more counties. Where such property is situated both within such county
and without the state, the amount due and payable to such county shall
be determined in the manner prescribed in the second paragraph of such
section two hundred sixty which concerns property situated within and
without the state. Where real property is situated within and without
the county imposing such tax, the recording officer of the jurisdiction
in which the mortgage is first recorded shall be required to collect the
taxes imposed pursuant to this section.

4. A tax imposed pursuant to the authority of this section shall be in
addition to the taxes imposed by section two hundred fifty-three.

5. (a) Notwithstanding any provision of this article to the contrary,
the balance of all moneys paid to the recording officer of the county of
Nassau during each month upon account of the tax imposed pursuant to the
authority of this section, after deducting the necessary expenses of his
office as provided in section two hundred sixty-two of this chapter,
except taxes paid upon mortgages which under the provisions of this
section or section two hundred sixty of this chapter are first to be
apportioned by the commissioner of taxation and finance, shall be paid
over by such officer on or before the tenth day of each succeeding month
to the county treasurer of Nassau county and, after the deduction by
such county treasurer of the necessary expenses of his or her office
provided in section two hundred sixty-two of this chapter shall: (i) if
paid to such recording officer during the first sixteen months of
imposition of such tax, be deposited in the general fund of such county
for expenditure on county purposes; (ii) if so paid at any time
thereafter, be deposited in a special fund, to be designated the Nassau
county deficit bond fund, to be created by the county of Nassau separate
and apart from any other funds and accounts of the county.
Notwithstanding the provisions of the preceding sentence, the tax so
imposed and paid upon mortgages covering real property situated in two
or more counties, which under the provisions of this section or section
two hundred sixty of this chapter are first to be apportioned by the
commissioner of taxation and finance, shall be paid over by the
recording officer receiving the same as provided by the determination of
said commissioner.

(b) Except as otherwise provided in this section, moneys in the Nassau
county bond deficit fund may be appropriated from and transferred to or
expended in any fiscal year only for the purpose of payment of the
principal of and interest on bonds and notes authorized by a chapter of
the laws of nineteen hundred ninety-two, entitled "AN ACT authorizing
the county of Nassau to issue serial bonds and/or bond anticipation
notes for the purpose of liquidating deficits in the county's general
fund and to amend the tax law, in relation to authorizing the county of
Nassau to impose a county recording tax on obligations secured by a
mortgage on real property; to amend the county government law of Nassau
county (Nassau County Charter) and the Nassau county administrative
code, in relation to the imposition of an exigency tax". When the amount
of moneys in such fund is sufficient to pay all future debt service on
such notes and bonds, the comptroller of the county of Nassau shall so
notify the commissioner of taxation and finance by certified mail. When
no such bonds or notes remain outstanding, such fund shall terminate and
moneys remaining therein shall be deposited in the general fund of such
county for expenditure on county purposes.

6. Any local law imposing a tax pursuant to the authority of this
section or repealing or suspending such a tax shall take effect only on
the first day of a calendar month or in September of nineteen hundred
ninety-two on the sixth, thirteenth, twentieth or twenty-seventh day of
such month. Such a local law shall not be effective unless a certified
copy thereof is mailed by registered or certified mail to the
commissioner of taxation and finance at the commissioner's office in
Albany at least thirty days prior to the date the local law shall take
effect.

7. Certified copies of any local law described in this section shall
also be filed with the county clerk, the secretary of state and the
state comptroller within five days after the date it is duly enacted.