NY Cty L § 275 (2021)
2021 New York Laws CNT - County Article 5-A - County Water, Sewer, Drainage and Refuse Districts 275 - Sale of Water District Facilities.

§  275. Sale of water district facilities. 1. The board of supervisors   may sell all or any part of the water supply and distribution system  of   a  county  water district to a water authority or to a joint water works   system established pursuant to article five-B of the  general  municipal   law,  provided,  however,  that  the  sale shall have been approved by a   majority vote of the qualified electors of the district voting  thereon.   Such  referendum  shall  be held in the manner prescribed in section one   hundred and one hundred two of this chapter, except, however, that  only   those  electors  shall  be  qualified  to  vote who are residents of the   district and owners of property in the district assessed upon  the  last   completed town or city assessment roll, as the case may be.2.  The  proceeds  of  the  sale  of  a  part  of  a  water supply and   distribution system shall be deposited in a reserve fund established for   the purpose of retiring outstanding obligations issued on behalf of  the   county  water  district  to  finance the cost of the facilities sold and   shall be expended only for such purpose, except as  provided  below.  If   the  proceeds  exceed  the  sum  of all installments of principal of and   interest on such indebtedness due or to become due, or if, when all such   outstanding obligations shall  have  been  retired,  any  moneys  remain   unexpended  in  the reserve fund, such excess moneys may be used for any   purpose properly chargeable against the entire district.3. If it is proposed that all of the property and  facilities  of  the   district be sold, the proposition submitted to referendum shall provide,   as  a  part thereof, for dissolution of the district as well as for sale   of such property  and  facilities.  If  the  proposition  for  sale  and   dissolution  is approved, the moneys received from such sale must be set   aside in a reserve fund and used to amortize outstanding obligations, as   provided in subdivision two of this section. Any excess over  and  above   the  amount  necessary  to  be  set  aside in a reserve fund and used to   retire indebtedness, as aforesaid, together with any other moneys of the   district, shall be disposed of to the credit of real property within the   district by any equitable method described in the proposition  submitted   to referendum.4.  If  no  provision  for  distribution of such excess is made in the   proposition, the excess proceeds shall first be apportioned to each town   and city upon the basis of the  true  equalized  value  of  real  estate   within  the  district computed in the manner prescribed in section eight   hundred four of the real property tax law. The amount  thus  apportioned   to  a  town  or  a  city  shall  be  further apportioned on the basis of   assessed valuation among the several parcels of  land  situated  in  the   district,  as shown on the last completed assessment roll of the town or   city. The amounts so determined shall be credited to each such parcel of   land in reduction of county and town taxes or county and city taxes,  as   the  case may be, on so many successive tax rolls as may be necessary to   exhaust such amounts.  When a tax is required to be levied by the  city,   the  county  treasurer,  or comparable officer or body, shall certify to   the proper city officer the amount available  for  credit  against  such   tax.  The  aggregate amount credited in any year in reduction of town or   city taxes shall be paid over to the proper town or  city  officer  from   the available excess moneys.5.  If  there  be  any  real  property in the district which is wholly   exempt from general taxation,  but  which,  while  exempt  from  general   taxation,  paid,  as an assessment for benefit, a proportionate share of   the cost of  the  improvement,  the  amount  apportioned  to  such  real   property  shall  be  refunded to the owner or owners thereof as shown on   the last completed assessment roll at the time of the distribution.