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Assembly Bill A7673

2021-2022 Legislative Session

Relates to utilizing community preservation funds

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Archive: Last Bill Status - In Senate Committee Local Government Committee

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2021-A7673 (ACTIVE) - Details

See Senate Version of this Bill:
S7037
Current Committee:
Senate Local Government
Law Section:
General Municipal Law
Laws Affected:
Amd §6-s, Gen Muni L

2021-A7673 (ACTIVE) - Summary

Relates to utilizing community preservation funds for acquisitions.

2021-A7673 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7673
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 19, 2021
                                ___________
 
 Introduced  by M. of A. BURDICK -- read once and referred to the Commit-
   tee on Local Governments
 
 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:

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

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