2023 New York Laws › TWN - Town › Article 4 - Town Boards › 64-A - Payment in Lieu of Taxes for Property Acquired for Park or Recreational Purposes.

* § 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