Bill Text: NY S07037 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to utilizing community preservation funds for acquisitions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO LOCAL GOVERNMENT [S07037 Detail]

Download: New_York-2021-S07037-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7037

                               2021-2022 Regular Sessions

                    IN SENATE

                                      May 25, 2021
                                       ___________

        Introduced  by  Sen.  MAYER  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government

        AN ACT to amend the general municipal  law,  in  relation  to  utilizing
          community preservation funds

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 2 of section 6-s of the general municipal  law,
     2  as  added  by  chapter  596  of  the laws of 2007, is amended to read as
     3  follows:
     4    2. The governing body of any designated  community  is  authorized  to
     5  establish  by  local  law  a community preservation fund pursuant to the
     6  provisions of this section. Deposits into the fund may include  revenues
     7  of  the  local  government  from whatever source and shall include, at a
     8  minimum, all revenues from a tax imposed upon the transfer of real prop-
     9  erty interests in such designated community pursuant to article  thirty-
    10  three-B  of  the  tax  law.  The fund shall also be authorized to accept
    11  gifts of any such interests in land or of  funds.  Interest  accrued  by
    12  monies  deposited  into  the  fund  shall be credited to the fund. In no
    13  event shall monies deposited in the fund be  transferred  to  any  other
    14  account. Nothing contained in this section shall be construed to prevent
    15  the financing in whole or in part, pursuant to the local finance law, of
    16  any  acquisition  authorized  pursuant  to this section. Monies from the
    17  fund may be utilized for any acquisition or to repay any indebtedness or
    18  obligations incurred pursuant to the local finance law  consistent  with
    19  effectuating the purposes of this section.
    20    § 2. This act shall take effect on the one hundred eightieth day after
    21  it shall have become a law.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11537-01-1