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This entry was published on 2020-04-24
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SECTION 64-A
Payment in lieu of taxes for property acquired for park or recreational purposes
Town (TWN) CHAPTER 62, ARTICLE 4
* § 64-a. Payment in lieu of taxes for property acquired for park or
recreational purposes. The town of Hempstead having acquired certain
property for park or recreational purposes in the Lido Beach-Point
Lookout area 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 or 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 purpose or 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 the Lido Beach-Point
Lookout area or in whose behalf such taxes or benefit assessments may be
levied or collected.

* NB Section operative only to and including June 30, 2025

* § 64-a. Powers of town with respect to municipal deposits in
national banks in liquidation. Whenever the depositors and other
unsecured creditors of a national bank, representing at least sixty per
centum in amount of its total net unsecured liabilities as shown by the
books of the bank, acting pursuant to section two hundred seven of the
bank conservation act, have waived and released to the bank a certain
percentage of their deposits and/or other claims, the town board of a
town having municipal funds deposited in such bank, upon determining by
majority vote that it is for the best interest of the town, may
authorize the supervisor of such town to execute a waiver and/or
release, similar in form to those executed by such other depositors, by
which it shall waive and/or release unto such bank a like percentage in
amount of its net unsecured claim against the bank as shall have been
theretofore waived and/or released by the other depositors and/or
creditors representing at least sixty per centum in amount of its total
net unsecured liabilities, as aforesaid. The certificate of the
conservator or other public official in charge of such bank to the
effect that waivers and/or releases have been so executed to the amount
of sixty per centum of the total net unsecured liabilities of such bank,
shall constitute the necessary condition precedent to such action by the
town board of the town. Neither the supervisor nor any member of a town
board shall be liable to the town for any authorization given or release
or waiver executed pursuant to the provisions of this section.

* NB Effective June 30, 2025