* § 64-a. Payment in lieu of taxes for property acquired for park or\nrecreational purposes. The town of Hempstead having acquired certain\nproperty for park or recreational purposes in the Lido Beach-Point\nLookout area shall have the power and authority with respect to such\nproperty, to pay or transfer out of any town funds available to it,\nannual sums in lieu of taxes to the affected taxing jurisdiction, in\norder that none of such taxing jurisdiction shall suffer an inequitable\nloss of revenue by virtue of such park or recreational program; provided\nfurther, that the amount so paid or transferred for any year shall not\nexceed the sum last levied for the benefit of such taxing jurisdiction\nas an annual tax on such property prior to the time of its acquisition\nfor such purpose o
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* § 64-a. Payment in lieu of taxes for property acquired for park or\nrecreational purposes. The town of Hempstead having acquired certain\nproperty for park or recreational purposes in the Lido Beach-Point\nLookout area shall have the power and authority with respect to such\nproperty, to pay or transfer out of any town funds available to it,\nannual sums in lieu of taxes to the affected taxing jurisdiction, in\norder that none of such taxing jurisdiction shall suffer an inequitable\nloss of revenue by virtue of such park or recreational program; provided\nfurther, that the amount so paid or transferred for any year shall not\nexceed the sum last levied for the benefit of such taxing jurisdiction\nas an annual tax on such property prior to the time of its acquisition\nfor such purpose or purposes.\n As used in this section, the term "taxing jurisdiction" means any\nmunicipal corporation or district corporation, including any school\ndistrict or any special district, having the power to levy and collect\ntaxes and benefit assessments upon real property in the Lido Beach-Point\nLookout area or in whose behalf such taxes or benefit assessments may be\nlevied or collected.\n * NB Section operative only to and including June 30, 2027\n * § 64-a. Powers of town with respect to municipal deposits in\nnational banks in liquidation. Whenever the depositors and other\nunsecured creditors of a national bank, representing at least sixty per\ncentum in amount of its total net unsecured liabilities as shown by the\nbooks of the bank, acting pursuant to section two hundred seven of the\nbank conservation act, have waived and released to the bank a certain\npercentage of their deposits and/or other claims, the town board of a\ntown having municipal funds deposited in such bank, upon determining by\nmajority vote that it is for the best interest of the town, may\nauthorize the supervisor of such town to execute a waiver and/or\nrelease, similar in form to those executed by such other depositors, by\nwhich it shall waive and/or release unto such bank a like percentage in\namount of its net unsecured claim against the bank as shall have been\ntheretofore waived and/or released by the other depositors and/or\ncreditors representing at least sixty per centum in amount of its total\nnet unsecured liabilities, as aforesaid. The certificate of the\nconservator or other public official in charge of such bank to the\neffect that waivers and/or releases have been so executed to the amount\nof sixty per centum of the total net unsecured liabilities of such bank,\nshall constitute the necessary condition precedent to such action by the\ntown board of the town. Neither the supervisor nor any member of a town\nboard shall be liable to the town for any authorization given or release\nor waiver executed pursuant to the provisions of this section.\n * NB Effective July 1, 2027\n