S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1668
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 14, 2021
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to amend the town law, in relation to  authorizing  the  town  of
   Blooming  Grove,  county of Orange to establish community preservation
   funds; to amend the tax law, in relation to authorizing  the  town  of
   Blooming  Grove  to  impose  a  real estate transfer tax with revenues
   therefrom to be deposited in said  community  preservation  fund;  and
   providing for the repeal of certain provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The town law is amended by adding a  new  section  64-k  to
 read as follows:
   §  64-K. TOWN OF BLOOMING GROVE PRESERVATION FUNDS. 1. AS USED IN THIS
 SECTION, THE FOLLOWING WORDS AND TERMS SHALL HAVE  THE  FOLLOWING  MEAN-
 INGS:
   (A) "TOWN" MEANS THE TOWN OF BLOOMING GROVE.
   (B)  "COMMUNITY  PRESERVATION"  SHALL  MEAN  AND  INCLUDE  ANY  OF THE
 PURPOSES OUTLINED IN SUBDIVISION FIVE OF THIS SECTION.
   (C) "BOARD" MEANS THE ADVISORY BOARD REQUIRED PURSUANT TO  SUBDIVISION
 SIX OF THIS SECTION.
   (D)  "FUND"  MEANS THE COMMUNITY PRESERVATION FUND CREATED PURSUANT TO
 SUBDIVISION TWO OF THIS SECTION.
   (E) "TAX" SHALL MEAN THE REAL ESTATE TRANSFER TAX IMPOSED PURSUANT  TO
 SECTION  FOURTEEN  HUNDRED  THIRTY-NINE-BBB  OF  THE  TAX LAW OR, IF THE
 CONTEXT CLEARLY INDICATES, SHALL  MEAN  THE  REAL  ESTATE  TRANSFER  TAX
 IMPOSED PURSUANT TO ARTICLE THIRTY-ONE OF THE TAX LAW.
   2.  THE  TOWN  BOARD  OF  THE  TOWN OF BLOOMING GROVE 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-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD05865-01-1

 S. 1668                             2
 
 ERTY INTERESTS IN SUCH TOWN PURSUANT TO ARTICLE THIRTY-ONE-A-FOUR 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 DEPOS-
 ITED 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  AUTHOR-
 IZED  PURSUANT  TO THIS SECTION. MONIES FROM THE FUND MAY BE UTILIZED TO
 REPAY ANY INDEBTEDNESS OR OBLIGATIONS INCURRED  PURSUANT  TO  THE  LOCAL
 FINANCE LAW CONSISTENT WITH EFFECTUATING THE PURPOSES OF THIS SECTION.
   3.  THE  PURPOSES OF THE FUND SHALL BE EXCLUSIVELY: (A) TO IMPLEMENT A
 PLAN FOR THE PRESERVATION OF COMMUNITY CHARACTER  AS  REQUIRED  BY  THIS
 SECTION,  (B)  TO  ACQUIRE  INTERESTS OR RIGHTS IN REAL PROPERTY FOR THE
 PRESERVATION OF COMMUNITY CHARACTER WITHIN THE TOWN  INCLUDING  VILLAGES
 THEREIN  IN  ACCORDANCE  WITH  SUCH PLAN AND IN COOPERATION WITH WILLING
 SELLERS, (C) TO ESTABLISH A BANK PURSUANT TO A TRANSFER  OF  DEVELOPMENT
 RIGHTS  PROGRAM  CONSISTENT WITH SECTION TWO HUNDRED SIXTY-ONE-A OF THIS
 CHAPTER, AND (D) TO PROVIDE A MANAGEMENT  AND  STEWARDSHIP  PROGRAM  FOR
 SUCH  INTERESTS  AND  RIGHTS  CONSISTENT  WITH  SUBDIVISION  TEN OF THIS
 SECTION AND IN ACCORDANCE WITH SUCH PLAN DESIGNED TO PRESERVE  COMMUNITY
 CHARACTER.  NOT  MORE THAN TEN PERCENT OF THE FUND SHALL BE UTILIZED FOR
 THE MANAGEMENT AND STEWARDSHIP PROGRAM.
   4. IF THE IMPLEMENTATION OF THE COMMUNITY PRESERVATION  PROJECT  PLAN,
 ADOPTED  BY  THE  TOWN  BOARD,  AS PROVIDED IN SUBDIVISION SEVEN OF THIS
 SECTION, HAS BEEN COMPLETED, AND FUNDS ARE  NO  LONGER  NEEDED  FOR  THE
 PURPOSES  OUTLINED IN THIS SUBDIVISION, THEN ANY REMAINING MONIES IN THE
 FUND SHALL BE APPLIED TO REDUCE ANY BONDED INDEBTEDNESS  OR  OBLIGATIONS
 INCURRED TO EFFECTUATE THE PURPOSES OF THIS SECTION.
   5.  PRESERVATION  OF  COMMUNITY CHARACTER SHALL INVOLVE ONE OR MORE OF
 THE FOLLOWING:
   (A) PRESERVATION OF OPEN SPACE;
   (B) ESTABLISHMENT OF PARKS, NATURE PRESERVES, OR RECREATION AREAS;
   (C) PRESERVATION OF LAND WHICH IS  PREDOMINANTLY  VIABLE  AGRICULTURAL
 LAND,  AS  DEFINED  IN SUBDIVISION SEVEN OF SECTION THREE HUNDRED ONE OF
 THE AGRICULTURE AND MARKETS LAW, OR UNIQUE  AND  IRREPLACEABLE  AGRICUL-
 TURAL  LAND,  AS DEFINED IN SUBDIVISION SIX OF SECTION THREE HUNDRED ONE
 OF THE AGRICULTURE AND MARKETS LAW;
   (D) PRESERVATION OF LANDS OF EXCEPTIONAL SCENIC VALUE;
   (E) PRESERVATION OF FRESHWATER MARSHES OR OTHER WETLANDS;
   (F) PRESERVATION OF AQUIFER RECHARGE AREAS;
   (G) PRESERVATION OF UNDEVELOPED BEACH-LANDS OR SHORELINE;
   (H) ESTABLISHMENT OF WILDLIFE REFUGES FOR THE PURPOSE  OF  MAINTAINING
 NATIVE  ANIMAL  SPECIES  DIVERSITY,  INCLUDING THE PROTECTION OF HABITAT
 ESSENTIAL TO THE RECOVERY OF RARE, THREATENED OR ENDANGERED SPECIES;
   (I) PRESERVATION OF UNIQUE OR THREATENED ECOLOGICAL AREAS;
   (J) PRESERVATION OF RIVERS AND RIVER AREAS IN A NATURAL,  FREE-FLOWING
 CONDITION;
   (K) PRESERVATION OF FORESTED LAND;
   (L)  PRESERVATION  OF  PUBLIC ACCESS TO LANDS FOR PUBLIC USE INCLUDING
 STREAM RIGHTS AND WATERWAYS;
   (M) PRESERVATION OF HISTORIC PLACES AND PROPERTIES LISTED ON  THE  NEW
 YORK  STATE REGISTER OF HISTORIC PLACES AND/OR PROTECTED UNDER A MUNICI-
 PAL HISTORIC PRESERVATION ORDINANCE OR LAW; AND
   (N) UNDERTAKING ANY OF THE PURPOSES OF THIS SUBDIVISION IN FURTHERANCE
 OF THE ESTABLISHMENT OF A GREENBELT.

 S. 1668                             3
 
   6. THE TOWN BOARD WHICH HAS ESTABLISHED A COMMUNITY PRESERVATION  FUND
 SHALL  CREATE  AN  ADVISORY  BOARD TO REVIEW AND MAKE RECOMMENDATIONS ON
 PROPOSED ACQUISITIONS OF INTERESTS IN REAL PROPERTY  USING  MONIES  FROM
 THE  FUND.  SUCH BOARD SHALL CONSIST OF FIVE OR SEVEN LEGAL RESIDENTS OF
 THE  MUNICIPALITY WHO SHALL SERVE WITHOUT COMPENSATION. NO MEMBER OF THE
 LOCAL LEGISLATIVE BODY SHALL SERVE ON  THE  BOARD.  A  MAJORITY  OF  THE
 MEMBERS  OF  THE BOARD SHALL HAVE DEMONSTRATED EXPERIENCE WITH CONSERVA-
 TION OR LAND PRESERVATION ACTIVITIES. THE BOARD SHALL ACT IN AN ADVISORY
 CAPACITY TO THE TOWN BOARD. AT LEAST ONE MEMBER OF THE BOARD SHALL BE AN
 ACTIVE FARMER. BOARD MEMBERS' TERMS SHALL BE STAGGERED.
   7. THE TOWN BOARD WHICH HAS ESTABLISHED A COMMUNITY PRESERVATION  FUND
 SHALL,  BY  LOCAL LAW, ADOPT A COMMUNITY PRESERVATION PROJECT PLAN. SUCH
 PLAN SHALL LIST EVERY PROJECT WHICH THE TOWN PLANS TO UNDERTAKE PURSUANT
 TO THE COMMUNITY PRESERVATION FUND.   SUCH  PLAN  SHALL  PROVIDE  FOR  A
 DETAILED  EVALUATION  OF  ALL AVAILABLE LAND USE ALTERNATIVES TO PROTECT
 COMMUNITY CHARACTER, INCLUDING BUT NOT LIMITED TO: (A) FEE SIMPLE ACQUI-
 SITION, (B) ZONING REGULATIONS, INCLUDING  DENSITY  REDUCTIONS,  CLUSTER
 DEVELOPMENT,  AND  SITE  PLAN  AND  DESIGN REQUIREMENTS, (C) TRANSFER OF
 DEVELOPMENT RIGHTS, (D) THE PURCHASE  OF  DEVELOPMENT  RIGHTS,  AND  (E)
 SCENIC  AND CONSERVATION EASEMENTS. SAID EVALUATION SHALL BE AS SPECIFIC
 AS PRACTICABLE AS TO EACH PARCEL SELECTED FOR INCLUSION  IN  SUCH  PLAN.
 SUCH  PLAN  SHALL  ESTABLISH  THE PRIORITIES FOR PRESERVATION, AND SHALL
 INCLUDE THE PRESERVATION OF FARMLAND AS ITS HIGHEST PRIORITY. FUNDS FROM
 THE COMMUNITY PRESERVATION FUND MAY ONLY BE EXPENDED FOR PROJECTS  WHICH
 HAVE  BEEN  INCLUDED  IN  SUCH PLAN. SUCH PLAN SHALL BE UPDATED NOT LESS
 THAN ONCE EVERY FIVE YEARS, BUT IN NO EVENT UNTIL AT LEAST  THREE  YEARS
 AFTER  THE  ADOPTION  OF THE ORIGINAL PLAN. A COPY OF SUCH PLAN SHALL BE
 FILED WITH THE TOWN CLERK, THE COMMISSIONER OF  ENVIRONMENTAL  CONSERVA-
 TION,  THE  COMMISSIONER OF AGRICULTURE AND MARKETS AND THE COMMISSIONER
 OF THE OFFICE OF PARKS, RECREATION AND HISTORIC PRESERVATION. SUCH  PLAN
 SHALL  BE  COMPLETED  AT  LEAST  SIXTY DAYS BEFORE THE SUBMISSION OF THE
 MANDATORY REFERENDUM REQUIRED BY SECTION FOURTEEN  HUNDRED  THIRTY-NINE-
 BBB OF THE TAX LAW. IF AT THE TIME OF REFERENDUM, THE TOWN SHALL HAVE IN
 PLACE  AN  ADOPTED OPEN SPACE PLAN, SUCH PLAN SHALL BE DEEMED SUFFICIENT
 TO WAIVE THE PRESERVATION PLAN REQUIREMENTS  OF  THIS  SUBDIVISION.  ANY
 MONIES  EXPENDED  FROM THE COMMUNITY PRESERVATION PLAN SHALL, HOWEVER BE
 CONSISTENT WITH THE PURPOSES OUTLINED IN SUBDIVISIONS THREE AND FIVE  OF
 THIS  SECTION  AND  WITH  THE OPEN SPACE PLAN FOR A PERIOD NOT TO EXCEED
 TWELVE MONTHS.
   8. THE TOWN BOARD WHICH HAS ESTABLISHED A COMMUNITY PRESERVATION  FUND
 PURSUANT  TO THIS SECTION MAY STUDY AND CONSIDER ESTABLISHING A TRANSFER
 OF DEVELOPMENT RIGHTS PROGRAM TO PROTECT COMMUNITY CHARACTER AS PROVIDED
 FOR BY SECTION TWO HUNDRED SIXTY-ONE-A OF THIS CHAPTER.  ALL  PROVISIONS
 OF  SUCH  SECTION  TWO HUNDRED SIXTY-ONE-A SHALL BE COMPLIED WITH. IF AT
 ANY TIME DURING THE LIFE OF THE COMMUNITY PRESERVATION FUND  A  TRANSFER
 OF  DEVELOPMENT  RIGHTS  PROGRAM  IS  ESTABLISHED,  THE TOWN MAY UTILIZE
 MONIES FROM THE COMMUNITY PRESERVATION FUND IN ORDER TO CREATE AND  FUND
 A  CENTRAL BANK OF THE TRANSFER OF DEVELOPMENT RIGHTS PROGRAM. IF AT ANY
 TIME DURING THE LIFE OF THE COMMUNITY PRESERVATION FUND, A  TRANSFER  OF
 DEVELOPMENT  RIGHTS PROGRAM IS REPEALED BY THE TOWN, ALL MONIES FROM THE
 CENTRAL BANK SHALL BE RETURNED TO THE COMMUNITY PRESERVATION FUND.
   9. NO INTERESTS OR RIGHTS IN REAL PROPERTY SHALL BE ACQUIRED  PURSUANT
 TO  THIS  SECTION  UNTIL A PUBLIC HEARING IS HELD AS REQUIRED BY SECTION
 TWO HUNDRED FORTY-SEVEN OF THE GENERAL MUNICIPAL LAW; PROVIDED, HOWEVER,
 THAT NOTHING HEREIN SHALL PREVENT THE TOWN BOARD FROM  ENTERING  INTO  A
 CONDITIONAL  PURCHASE  AGREEMENT  BEFORE  A  PUBLIC HEARING IS HELD. ANY

 S. 1668                             4
 
 RESOLUTION OF THE TOWN BOARD  APPROVING  AN  ACQUISITION  OF  RIGHTS  OR
 INTEREST  IN  REAL  PROPERTY  PURSUANT  TO THIS SECTION, SHALL FIND THAT
 ACQUISITION WAS THE BEST ALTERNATIVE FOR  THE  PROTECTION  OF  COMMUNITY
 CHARACTER OF ALL THE REASONABLE ALTERNATIVES AVAILABLE TO THE TOWN.
   10.  RIGHTS  OR  INTEREST  IN  REAL PROPERTY ACQUIRED PURSUANT TO THIS
 SECTION SHALL BE ADMINISTERED AND MANAGED IN A MANNER WHICH  (A)  ALLOWS
 PUBLIC  USE  AND  ENJOYMENT  IN  A  MANNER  COMPATIBLE WITH THE NATURAL,
 SCENIC, HISTORIC AND OPEN SPACE CHARACTER OF SUCH LANDS;  (B)  PRESERVES
 THE  NATIVE  BIOLOGICAL DIVERSITY OF SUCH LANDS; (C) WITH REGARD TO OPEN
 SPACES, LIMITS IMPROVEMENTS TO ENHANCING ACCESS FOR PASSIVE USE OF  SUCH
 LANDS  SUCH  AS NATURE TRAILS, BOARDWALKS, BICYCLE PATHS, AND PERIPHERAL
 PARKING AREAS PROVIDED THAT SUCH IMPROVEMENTS DO NOT DEGRADE THE ECOLOG-
 ICAL VALUE OF THE LAND OR THREATEN ESSENTIAL WILDLIFE HABITAT;  AND  (D)
 PRESERVES  CULTURAL  PROPERTY  CONSISTENT  WITH  ACCEPTED  STANDARDS FOR
 HISTORIC PRESERVATION.  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF  THIS
 SUBDIVISION  THERE SHALL BE NO RIGHT TO PUBLIC USE AND ENJOYMENT OF LAND
 USED IN CONJUNCTION WITH A FARM  OPERATION  AS  DEFINED  BY  SUBDIVISION
 ELEVEN  OF SECTION THREE HUNDRED ONE OF THE AGRICULTURE AND MARKETS LAW.
 IN FURTHERING THE PURPOSES OF THIS SECTION,  THE  TOWN  MAY  ENTER  INTO
 AGREEMENTS  WITH  CORPORATIONS ORGANIZED UNDER THE NOT-FOR-PROFIT CORPO-
 RATION LAW AND ENGAGE IN LAND TRUST ACTIVITIES TO MANAGE LANDS INCLUDING
 LESS THAN FEE INTERESTS ACQUIRED PURSUANT  TO  THE  PROVISIONS  OF  THIS
 SECTION, PROVIDED THAT ANY SUCH AGREEMENT SHALL CONTAIN A PROVISION THAT
 SUCH  CORPORATION  SHALL  KEEP THE LANDS ACCESSIBLE TO THE PUBLIC UNLESS
 SUCH CORPORATION SHALL DEMONSTRATE TO THE SATISFACTION OF THE TOWN  THAT
 PUBLIC  ACCESSIBILITY  WOULD  BE DETRIMENTAL TO THE LANDS OR ANY NATURAL
 RESOURCES ASSOCIATED THEREWITH.
   11. RIGHTS OR INTERESTS IN REAL PROPERTY  ACQUIRED  WITH  MONIES  FROM
 SUCH  FUND  SHALL  NOT BE SOLD, LEASED, EXCHANGED, DONATED, OR OTHERWISE
 DISPOSED OF OR USED FOR  OTHER  THAN  THE  PURPOSES  PERMITTED  BY  THIS
 SECTION  WITHOUT  THE  EXPRESS AUTHORITY OF AN ACT OF THE STATE LEGISLA-
 TURE, WHICH SHALL PROVIDE FOR THE SUBSTITUTION OF OTHER LANDS  OF  EQUAL
 ENVIRONMENTAL  VALUE  AND  FAIR  MARKET  VALUE AND REASONABLY EQUIVALENT
 USEFULNESS AND LOCATION TO THOSE TO BE DISCONTINUED,  SOLD  OR  DISPOSED
 OF, AND SUCH OTHER REQUIREMENTS AS SHALL BE APPROVED BY THE STATE LEGIS-
 LATURE. ANY CONSERVATION EASEMENTS, CREATED UNDER TITLE THREE OF ARTICLE
 FORTY-NINE  OF  THE  ENVIRONMENTAL  CONSERVATION LAW, WHICH ARE ACQUIRED
 WITH MONIES FROM SUCH FUND MAY  ONLY  BE  MODIFIED  OR  EXTINGUISHED  AS
 PROVIDED  IN SECTION 49-0307 OF SUCH LAW.  NOTHING IN THIS SECTION SHALL
 PRECLUDE  THE  TOWN,  BY  LOCAL  LAW,   FROM   ESTABLISHING   ADDITIONAL
 RESTRICTIONS  TO  THE  ALIENATION  OF  LANDS  ACQUIRED  PURSUANT TO THIS
 SECTION. THIS SUBDIVISION SHALL NOT APPLY TO  THE  SALE  OF  DEVELOPMENT
 RIGHTS BY THE TOWN ACQUIRED PURSUANT TO THIS SECTION, WHERE SAID SALE IS
 MADE  BY  A  CENTRAL BANK CREATED BY THE TOWN, PURSUANT TO A TRANSFER OF
 DEVELOPMENT RIGHTS PROGRAM ESTABLISHED BY THE TOWN PURSUANT  TO  SECTION
 TWO  HUNDRED SIXTY-ONE-A OF THIS CHAPTER, PROVIDED, HOWEVER THAT (A) THE
 LANDS FROM WHICH SAID DEVELOPMENT  RIGHTS  WERE  ACQUIRED  SHALL  REMAIN
 PRESERVED  IN  PERPETUITY  BY A PERMANENT CONSERVATION EASEMENT OR OTHER
 INSTRUMENT THAT SIMILARLY PRESERVES THE COMMUNITY  CHARACTER  REFERENCED
 IN SUBDIVISION FIVE OF THIS SECTION, AND (B) THE PROCEEDS FROM SUCH SALE
 SHALL BE DEPOSITED IN THE COMMUNITY PRESERVATION FUND.
   §  2. The tax law is amended by adding a new article 31-A-4 to read as
 follows:
                              ARTICLE 31-A-4
        TAX ON REAL ESTATE TRANSFERS IN THE TOWN OF BLOOMING GROVE
 SECTION 1439-AAA. DEFINITIONS.

 S. 1668                             5
 
         1439-BBB. IMPOSITION OF TAX.
         1439-CCC. PAYMENT OF TAX.
         1439-DDD. LIABILITY FOR TAX.
         1439-EEE. EXEMPTIONS.
         1439-FFF. CREDIT.
         1439-GGG. COOPERATIVE HOUSING CORPORATION TRANSFERS.
         1439-HHH. DESIGNATION OF AGENTS.
         1439-III. LIABILITY OF RECORDING OFFICER.
         1439-JJJ. REFUNDS.
         1439-KKK. DEPOSIT AND DISPOSITION OF REVENUE.
         1439-LLL. JUDICIAL REVIEW.
         1439-MMM. APPORTIONMENT.
         1439-NNN. MISCELLANEOUS.
         1439-OOO. RETURNS TO BE SECRET.
         1439-PPP. FORECLOSURE PROCEEDINGS.
   §  1439-AAA.  DEFINITIONS. WHEN USED IN THIS ARTICLE, UNLESS OTHERWISE
 EXPRESSLY STATED, THE FOLLOWING WORDS AND TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   1. "PERSON" MEANS AN INDIVIDUAL, PARTNERSHIP, LIMITED LIABILITY COMPA-
 NY, SOCIETY, ASSOCIATION,  JOINT  STOCK  COMPANY,  CORPORATION,  ESTATE,
 RECEIVER,  TRUSTEE,  ASSIGNEE,  REFEREE  OR ANY OTHER PERSON ACTING IN A
 FIDUCIARY OR REPRESENTATIVE CAPACITY, WHETHER APPOINTED BY  A  COURT  OR
 OTHERWISE,  ANY  COMBINATION OF INDIVIDUALS, AND ANY OTHER FORM OF UNIN-
 CORPORATED ENTERPRISE OWNED OR CONDUCTED BY TWO OR MORE PERSONS.
   2. "CONTROLLING INTEREST" MEANS (A) IN  THE  CASE  OF  A  CORPORATION,
 EITHER  FIFTY  PERCENT OR MORE OF THE TOTAL COMBINED VOTING POWER OF ALL
 CLASSES OF STOCK OF SUCH CORPORATION, OR FIFTY PERCENT OR  MORE  OF  THE
 CAPITAL,  PROFITS  OR  BENEFICIAL  INTEREST IN SUCH VOTING STOCK OF SUCH
 CORPORATION, AND (B) IN THE CASE OF A PARTNERSHIP, ASSOCIATION, TRUST OR
 OTHER ENTITY, FIFTY PERCENT OR MORE OF THE CAPITAL, PROFITS  OR  BENEFI-
 CIAL INTEREST IN SUCH PARTNERSHIP, ASSOCIATION, TRUST OR OTHER ENTITY.
   3.  "REAL  PROPERTY"  MEANS EVERY ESTATE OR RIGHT, LEGAL OR EQUITABLE,
 PRESENT OR FUTURE, VESTED OR CONTINGENT, IN LANDS, TENEMENTS OR  HEREDI-
 TAMENTS, INCLUDING BUILDINGS, STRUCTURES AND OTHER IMPROVEMENTS THEREON,
 WHICH ARE LOCATED IN WHOLE OR IN PART WITHIN THE TOWN OF BLOOMING GROVE.
 IT SHALL NOT INCLUDE RIGHTS TO SEPULTURE.
   4.  "CONSIDERATION"  MEANS  THE  PRICE ACTUALLY PAID OR REQUIRED TO BE
 PAID FOR THE REAL PROPERTY OR INTEREST THEREIN, INCLUDING PAYMENT FOR AN
 OPTION OR CONTRACT TO PURCHASE REAL PROPERTY, WHETHER OR  NOT  EXPRESSED
 IN  THE DEED AND WHETHER PAID OR REQUIRED TO BE PAID BY MONEY, PROPERTY,
 OR ANY OTHER THING OF  VALUE.  IT  SHALL  INCLUDE  THE  CANCELLATION  OR
 DISCHARGE  OF  AN  INDEBTEDNESS OR OBLIGATION. IT SHALL ALSO INCLUDE THE
 AMOUNT OF ANY MORTGAGE, PURCHASE MONEY MORTGAGE, LIEN  OR  OTHER  ENCUM-
 BRANCE,  WHETHER  OR NOT THE UNDERLYING INDEBTEDNESS IS ASSUMED OR TAKEN
 SUBJECT TO.
   (A) IN THE CASE OF A CREATION OF A LEASEHOLD INTEREST OR THE  GRANTING
 OF  AN  OPTION  WITH  USE  AND OCCUPANCY OF REAL PROPERTY, CONSIDERATION
 SHALL INCLUDE, BUT NOT BE LIMITED TO, THE VALUE OF THE RENTAL AND  OTHER
 PAYMENTS  ATTRIBUTABLE  TO THE USE AND OCCUPANCY OF THE REAL PROPERTY OR
 INTEREST THEREIN, THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO PURCHASE
 OR RENEW AND THE VALUE OF RENTAL OR OTHER PAYMENTS ATTRIBUTABLE  TO  THE
 EXERCISE OF ANY OPTION TO RENEW.
   (B)  IN  THE  CASE OF A CREATION OF A SUBLEASEHOLD INTEREST, CONSIDER-
 ATION SHALL INCLUDE, BUT NOT BE LIMITED TO, THE VALUE  OF  THE  SUBLEASE
 RENTAL  PAYMENTS ATTRIBUTABLE TO THE USE AND OCCUPANCY OF THE REAL PROP-
 ERTY, THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO RENEW AND THE  VALUE

 S. 1668                             6
 
 OF  RENTAL  OR OTHER PAYMENTS ATTRIBUTABLE TO THE EXERCISE OF ANY OPTION
 TO RENEW LESS THE VALUE OF THE REMAINING  PRIME  LEASE  RENTAL  PAYMENTS
 REQUIRED TO BE MADE.
   (C) IN THE CASE OF A CONTROLLING INTEREST IN ANY ENTITY THAT OWNS REAL
 PROPERTY,  CONSIDERATION  SHALL  MEAN  THE FAIR MARKET VALUE OF THE REAL
 PROPERTY OR INTEREST THEREIN, APPORTIONED BASED ON THE PERCENTAGE OF THE
 OWNERSHIP INTEREST TRANSFERRED OR ACQUIRED IN THE ENTITY.
   (D) IN THE CASE OF AN ASSIGNMENT OR SURRENDER OF A LEASEHOLD  INTEREST
 OR THE ASSIGNMENT OR SURRENDER OF AN OPTION OR CONTRACT TO PURCHASE REAL
 PROPERTY,  CONSIDERATION  SHALL  NOT  INCLUDE THE VALUE OF THE REMAINING
 RENTAL PAYMENTS REQUIRED TO BE MADE PURSUANT TO THE TERMS OF SUCH  LEASE
 OR  THE AMOUNT TO BE PAID FOR THE REAL PROPERTY PURSUANT TO THE TERMS OF
 THE OPTION OR CONTRACT BEING ASSIGNED OR SURRENDERED.
   (E) IN THE CASE OF (1) THE ORIGINAL CONVEYANCE OF SHARES OF STOCK IN A
 COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR TRANSFER
 OF A PROPRIETARY LEASEHOLD BY THE COOPERATIVE CORPORATION OR COOPERATIVE
 PLAN SPONSOR, AND (2) THE SUBSEQUENT CONVEYANCE BY THE OWNER THEREOF  OF
 SUCH  STOCK  IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE
 GRANT OR TRANSFER OF A PROPRIETARY  LEASEHOLD  FOR  A  COOPERATIVE  UNIT
 OTHER THAN AN INDIVIDUAL RESIDENTIAL UNIT, CONSIDERATION SHALL INCLUDE A
 PROPORTIONATE  SHARE OF THE UNPAID PRINCIPAL OF ANY MORTGAGE ON THE REAL
 PROPERTY OF THE COOPERATIVE HOUSING CORPORATION COMPRISING  THE  COOPER-
 ATIVE  DWELLING  OR DWELLINGS.  SUCH SHARE SHALL BE DETERMINED BY MULTI-
 PLYING THE TOTAL UNPAID PRINCIPAL OF THE MORTGAGE  BY  A  FRACTION,  THE
 NUMERATOR OF WHICH SHALL BE THE NUMBER OF SHARES OF STOCK BEING CONVEYED
 IN  THE  COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR
 TRANSFER OF A PROPRIETARY LEASEHOLD AND THE DENOMINATOR OF  WHICH  SHALL
 BE THE TOTAL NUMBER OF SHARES OF STOCK IN THE COOPERATIVE HOUSING CORPO-
 RATION.
   5.  "CONVEYANCE"  MEANS  THE  TRANSFER OR TRANSFERS OF ANY INTEREST IN
 REAL PROPERTY BY  ANY  METHOD,  INCLUDING  BUT  NOT  LIMITED  TO,  SALE,
 EXCHANGE,  ASSIGNMENT, SURRENDER, MORTGAGE FORECLOSURE, TRANSFER IN LIEU
 OF FORECLOSURE, OPTION,  TRUST  INDENTURE,  TAKING  BY  EMINENT  DOMAIN,
 CONVEYANCE UPON LIQUIDATION OR BY A RECEIVER, OR TRANSFER OR ACQUISITION
 OF A CONTROLLING INTEREST IN ANY ENTITY WITH AN INTEREST IN REAL PROPER-
 TY.  TRANSFER OF AN INTEREST IN REAL PROPERTY SHALL INCLUDE THE CREATION
 OF A LEASEHOLD OR SUBLEASE ONLY WHERE (A) THE SUM OF  THE  TERM  OF  THE
 LEASE  OR SUBLEASE AND ANY OPTIONS FOR RENEWAL EXCEEDS FORTY-NINE YEARS,
 (B) SUBSTANTIAL CAPITAL IMPROVEMENTS ARE OR MAY BE MADE BY  OR  FOR  THE
 BENEFIT OF THE LESSEE OR SUBLESSEE, AND (C) THE LEASE OR SUBLEASE IS FOR
 SUBSTANTIALLY  ALL  OF  THE  PREMISES  CONSTITUTING  THE  REAL PROPERTY.
 NOTWITHSTANDING THE FOREGOING, CONVEYANCE OF  REAL  PROPERTY  SHALL  NOT
 INCLUDE  A  CONVEYANCE  MADE PURSUANT TO DEVISE, BEQUEST OR INHERITANCE;
 THE CREATION, MODIFICATION,  EXTENSION,  SPREADING,  SEVERANCE,  CONSOL-
 IDATION,  ASSIGNMENT, TRANSFER, RELEASE OR SATISFACTION OF A MORTGAGE; A
 MORTGAGE SUBORDINATION AGREEMENT, A  MORTGAGE  SEVERANCE  AGREEMENT,  AN
 INSTRUMENT GIVEN TO PERFECT OR CORRECT A RECORDED MORTGAGE; OR A RELEASE
 OF LIEN OF TAX PURSUANT TO THIS CHAPTER OR THE INTERNAL REVENUE CODE.
   6.  "INTEREST IN THE REAL PROPERTY" INCLUDES TITLE IN FEE, A LEASEHOLD
 INTEREST, A BENEFICIAL INTEREST, AN ENCUMBRANCE, DEVELOPMENT RIGHTS, AIR
 SPACE AND AIR RIGHTS, OR ANY OTHER INTEREST WITH THE  RIGHT  TO  USE  OR
 OCCUPANCY  OF  REAL  PROPERTY  OR THE RIGHT TO RECEIVE RENTS, PROFITS OR
 OTHER INCOME DERIVED FROM REAL PROPERTY. IT SHALL ALSO INCLUDE AN OPTION
 OR CONTRACT TO PURCHASE REAL PROPERTY. IT SHALL NOT INCLUDE A  RIGHT  OF
 FIRST REFUSAL TO PURCHASE REAL PROPERTY.

 S. 1668                             7
 
   7.  "GRANTOR"  MEANS THE PERSON MAKING THE CONVEYANCE OF REAL PROPERTY
 OR INTEREST THEREIN. WHERE THE CONVEYANCE CONSISTS OF A TRANSFER  OR  AN
 ACQUISITION  OF  A CONTROLLING INTEREST IN AN ENTITY WITH AN INTEREST IN
 REAL PROPERTY, "GRANTOR" MEANS THE ENTITY WITH AN INTEREST IN REAL PROP-
 ERTY  OR  A  SHAREHOLDER  OR  PARTNER  TRANSFERRING STOCK OR PARTNERSHIP
 INTEREST, RESPECTIVELY.
   8. "GRANTEE" MEANS THE PERSON WHO OBTAINS REAL  PROPERTY  OR  INTEREST
 THEREIN AS A RESULT OF A CONVEYANCE.
   9.  "FUND"  MEANS  A  COMMUNITY  PRESERVATION FUND CREATED PURSUANT TO
 SECTION SIXTY-FOUR-K OF THE TOWN LAW.
   10. "RECORDING OFFICER" MEANS  THE  COUNTY  CLERK  OF  THE  COUNTY  OF
 ORANGE.
   11. "TOWN" MEANS THE TOWN OF BLOOMING GROVE, COUNTY OF ORANGE.
   12. "TREASURER" MEANS THE TREASURER OF THE COUNTY OF ORANGE.
   13.  "TOWN SUPERVISOR" MEANS THE TOWN SUPERVISOR OF THE TOWN OF BLOOM-
 ING GROVE.
   14. "TAX" SHALL MEAN THE REAL ESTATE TRANSFER TAX IMPOSED PURSUANT  TO
 SECTION  FOURTEEN  HUNDRED  THIRTY-NINE-BBB  OF  THIS ARTICLE OR, IF THE
 CONTEXT CLEARLY INDICATES, SHALL  MEAN  THE  REAL  ESTATE  TRANSFER  TAX
 IMPOSED PURSUANT TO ARTICLE THIRTY-ONE OF THIS CHAPTER.
   15.  "RESIDENTIAL  REAL  PROPERTY"  MEANS  PROPERTY WHICH SATISFIES AT
 LEAST ONE OF THE FOLLOWING CONDITIONS:
   (A) THE PROPERTY CLASSIFICATION CODE ASSIGNED TO THE PROPERTY  ON  THE
 LATEST  FINAL  ASSESSMENT ROLL, AS REPORTED ON THE TRANSFER REPORT FORM,
 INDICATES THAT THE PROPERTY IS A ONE, TWO OR  THREE  FAMILY  HOME  OR  A
 RURAL RESIDENCE; OR
   (B)  THE  TRANSFER REPORT INDICATES THAT THE PROPERTY IS A ONE, TWO OR
 THREE FAMILY RESIDENTIAL PROPERTY THAT HAS  BEEN  NEWLY  CONSTRUCTED  ON
 VACANT LAND; OR
   (C) THE TRANSFER REPORT FORM INDICATES THAT THE PROPERTY IS A RESIDEN-
 TIAL CONDOMINIUM.
   § 1439-BBB. IMPOSITION OF TAX. NOTWITHSTANDING ANY OTHER PROVISIONS OF
 LAW TO THE CONTRARY, THE TOWN OF BLOOMING GROVE, ACTING THROUGH ITS TOWN
 BOARD,  IS HEREBY AUTHORIZED AND EMPOWERED TO ADOPT A LOCAL LAW IMPOSING
 IN SUCH TOWN A TAX ON EACH CONVEYANCE OF REAL PROPERTY OR INTEREST THER-
 EIN NOT TO EXCEED A MAXIMUM OF THREE-QUARTERS  OF  ONE  PERCENT  OF  THE
 CONSIDERATION  FOR  SUCH CONVEYANCE, SUBJECT TO THE EXEMPTIONS SET FORTH
 IN SECTION FOURTEEN HUNDRED THIRTY-NINE-EEE OF THIS  ARTICLE;  ANY  SUCH
 LOCAL  LAW  SHALL  FIX THE RATE OF SUCH TAX. PROVIDED, HOWEVER, ANY SUCH
 LOCAL LAW IMPOSING, REPEALING OR REIMPOSING SUCH TAX SHALL BE SUBJECT TO
 A MANDATORY REFERENDUM PURSUANT TO SECTION TWENTY-THREE OF THE MUNICIPAL
 HOME RULE LAW. NOTWITHSTANDING THE FOREGOING, PRIOR TO ADOPTION OF  SUCH
 LOCAL  LAW, THE TOWN MUST ESTABLISH A COMMUNITY PRESERVATION FUND PURSU-
 ANT TO SECTION SIXTY-FOUR-K OF THE TOWN  LAW.  REVENUES  FROM  SUCH  TAX
 SHALL  BE DEPOSITED IN SUCH FUND AND MAY BE USED SOLELY FOR THE PURPOSES
 OF SUCH FUND. SUCH LOCAL LAW SHALL APPLY TO ANY CONVEYANCE OCCURRING  ON
 OR  AFTER  THE FIRST DAY OF A MONTH TO BE DESIGNATED BY SUCH TOWN BOARD,
 WHICH IS NOT LESS THAN SIXTY DAYS AFTER THE ENACTMENT OF SUCH LOCAL LAW,
 BUT SHALL NOT APPLY TO CONVEYANCES MADE ON OR AFTER SUCH  DATE  PURSUANT
 TO  BINDING  WRITTEN CONTRACTS ENTERED INTO PRIOR TO SUCH DATE, PROVIDED
 THAT THE DATE OF EXECUTION OF SUCH CONTRACT IS CONFIRMED BY  INDEPENDENT
 EVIDENCE  SUCH AS THE RECORDING OF THE CONTRACT, PAYMENT OF A DEPOSIT OR
 OTHER FACTS AND CIRCUMSTANCES AS DETERMINED BY THE TREASURER.
   § 1439-CCC. PAYMENT OF TAX. 1. THE REAL ESTATE  TRANSFER  TAX  IMPOSED
 PURSUANT TO THIS ARTICLE SHALL BE PAID TO THE TREASURER OR THE RECORDING
 OFFICER  ACTING  AS  THE AGENT OF THE TREASURER UPON DESIGNATION AS SUCH

 S. 1668                             8
 
 AGENT BY THE TREASURER. SUCH TAX SHALL BE PAID AT THE SAME TIME  AS  THE
 REAL  ESTATE  TRANSFER TAX IMPOSED BY ARTICLE THIRTY-ONE OF THIS CHAPTER
 IS REQUIRED TO BE  PAID.  SUCH  TREASURER  OR  RECORDING  OFFICER  SHALL
 ENDORSE  UPON  EACH  DEED OR INSTRUMENT EFFECTING A CONVEYANCE A RECEIPT
 FOR THE AMOUNT OF THE TAX SO PAID.
   2. A RETURN SHALL BE REQUIRED TO  BE  FILED  WITH  SUCH  TREASURER  OR
 RECORDING  OFFICER  FOR PURPOSES OF THE REAL ESTATE TRANSFER TAX IMPOSED
 PURSUANT TO THIS ARTICLE AT THE SAME TIME AS A RETURN IS REQUIRED TO  BE
 FILED  FOR  PURPOSES  OF THE REAL ESTATE TRANSFER TAX IMPOSED BY ARTICLE
 THIRTY-ONE OF THIS CHAPTER. THE TREASURER SHALL PRESCRIBE  THE  FORM  OF
 RETURN,  THE  INFORMATION  WHICH IT SHALL CONTAIN, AND THE DOCUMENTATION
 THAT SHALL ACCOMPANY THE RETURN. SAID FORM SHALL  BE  IDENTICAL  TO  THE
 REAL ESTATE TRANSFER TAX RETURN REQUIRED TO BE FILED PURSUANT TO SECTION
 FOURTEEN  HUNDRED  NINE OF THIS CHAPTER, EXCEPT THAT THE TREASURER SHALL
 ADAPT SAID FORM TO REFLECT THE  PROVISIONS  IN  THIS  CHAPTER  THAT  ARE
 INCONSISTENT,  DIFFERENT,  OR  IN  ADDITION TO THE PROVISIONS OF ARTICLE
 THIRTY-ONE OF THIS CHAPTER.    THE  REAL  ESTATE  TRANSFER  TAX  RETURNS
 REQUIRED  TO  BE  FILED  PURSUANT TO THIS SECTION SHALL BE PRESERVED FOR
 THREE YEARS AND THEREAFTER UNTIL SUCH  TREASURER  OR  RECORDING  OFFICER
 ORDERS THEM TO BE DESTROYED.
   3.  THE  RECORDING  OFFICER SHALL NOT RECORD AN INSTRUMENT EFFECTING A
 CONVEYANCE UNLESS THE RETURN REQUIRED BY THIS SECTION HAS BEEN FILED AND
 THE TAX IMPOSED PURSUANT  TO  THIS  ARTICLE  SHALL  HAVE  BEEN  PAID  AS
 REQUIRED IN THIS SECTION.
   §  1439-DDD.  LIABILITY FOR TAX. 1. THE REAL ESTATE TRANSFER TAX SHALL
 BE PAID BY THE GRANTEE. IF THE GRANTEE HAS FAILED TO PAY THE TAX IMPOSED
 PURSUANT TO THIS ARTICLE OR IF THE GRANTEE IS EXEMPT FROM SUCH TAX,  THE
 GRANTOR  SHALL  HAVE  THE DUTY TO PAY THE TAX. WHERE THE GRANTOR HAS THE
 DUTY TO PAY THE TAX BECAUSE THE GRANTEE HAS FAILED TO PAY THE TAX,  SUCH
 TAX  SHALL  BE  THE  JOINT  AND SEVERAL LIABILITY OF THE GRANTEE AND THE
 GRANTOR.
   2. FOR THE PURPOSE OF THE PROPER ADMINISTRATION OF THIS ARTICLE AND TO
 PREVENT EVASION OF THE TAX HEREBY IMPOSED, IT SHALL BE PRESUMED THAT ALL
 CONVEYANCES ARE SUBJECT TO THE TAX.  WHERE  THE  CONSIDERATION  INCLUDES
 PROPERTY  OTHER  THAN MONEY, IT SHALL BE PRESUMED THAT THE CONSIDERATION
 IS THE FAIR MARKET VALUE OF THE REAL PROPERTY OR INTEREST THEREIN. THESE
 PRESUMPTIONS SHALL PREVAIL UNTIL THE CONTRARY IS PROVEN, AND THE  BURDEN
 OF PROVING THE CONTRARY SHALL BE ON THE PERSON LIABLE FOR PAYMENT OF THE
 TAX.
   §  1439-EEE.  EXEMPTIONS.  1.  THE  FOLLOWING SHALL BE EXEMPT FROM THE
 PAYMENT OF THE REAL ESTATE TRANSFER TAX IMPOSED BY THIS ARTICLE:
   (A) THE STATE OF NEW YORK, OR ANY OF ITS AGENCIES,  INSTRUMENTALITIES,
 POLITICAL  SUBDIVISIONS,  OR  PUBLIC  CORPORATIONS  (INCLUDING  A PUBLIC
 CORPORATION CREATED PURSUANT TO AN AGREEMENT  OR  COMPACT  WITH  ANOTHER
 STATE OR THE DOMINION OF CANADA); AND
   (B)  THE  UNITED  NATIONS,  THE UNITED STATES OF AMERICA OR ANY OF ITS
 AGENCIES OR INSTRUMENTALITIES.
   2. THE TAX SHALL NOT APPLY TO ANY OF THE FOLLOWING CONVEYANCES:
   (A) CONVEYANCES TO THE UNITED NATIONS, THE UNITED STATES  OF  AMERICA,
 THE  STATE  OF  NEW YORK, OR ANY OF THEIR INSTRUMENTALITIES, AGENCIES OR
 POLITICAL SUBDIVISIONS (OR ANY PUBLIC CORPORATION,  INCLUDING  A  PUBLIC
 CORPORATION  CREATED PURSUANT TO AGREEMENT OR COMPACT WITH ANOTHER STATE
 OR THE DOMINION OF CANADA);
   (B) CONVEYANCES WHICH ARE OR WERE USED TO SECURE A DEBT OR OTHER OBLI-
 GATION;

 S. 1668                             9
 
   (C) CONVEYANCES  WHICH,  WITHOUT  ADDITIONAL  CONSIDERATION,  CONFIRM,
 CORRECT, MODIFY OR SUPPLEMENT A DEED PREVIOUSLY RECORDED;
   (D)  CONVEYANCES  OF REAL PROPERTY WITHOUT CONSIDERATION AND OTHERWISE
 THAN IN CONNECTION WITH A SALE, INCLUDING DEEDS CONVEYING REALTY AS BONA
 FIDE GIFTS;
   (E) CONVEYANCES GIVEN IN CONNECTION WITH A TAX SALE;
   (F) CONVEYANCES TO EFFECTUATE A MERE CHANGE OF  IDENTITY  OR  FORM  OF
 OWNERSHIP  OR ORGANIZATION WHERE THERE IS NO CHANGE IN BENEFICIAL OWNER-
 SHIP, OTHER THAN CONVEYANCES TO A COOPERATIVE HOUSING CORPORATION OF THE
 REAL PROPERTY COMPRISING THE COOPERATIVE DWELLING OR DWELLINGS;
   (G) CONVEYANCES WHICH CONSIST OF A DEED OF PARTITION;
   (H) CONVEYANCES GIVEN PURSUANT TO THE FEDERAL BANKRUPTCY ACT;
   (I) CONVEYANCES OF REAL PROPERTY WHICH CONSIST OF THE EXECUTION  OF  A
 CONTRACT  TO  SELL  REAL  PROPERTY  WITHOUT THE USE OR OCCUPANCY OF SUCH
 PROPERTY OR THE GRANTING OF AN OPTION TO PURCHASE REAL PROPERTY  WITHOUT
 THE USE OR OCCUPANCY OF SUCH PROPERTY;
   (J)  CONVEYANCES  OF  REAL  PROPERTY  OR A PORTION OR PORTIONS OF REAL
 PROPERTY THAT ARE THE SUBJECT OF ONE OR MORE OF THE  FOLLOWING  DEVELOP-
 MENT RESTRICTIONS:
   (1) AGRICULTURAL, CONSERVATION, SCENIC, OR AN OPEN SPACE EASEMENT,
   (2)  COVENANTS OR RESTRICTIONS PROHIBITING DEVELOPMENT WHERE THE PROP-
 ERTY OR PORTION OF PROPERTY  BEING  CONVEYED  HAS  HAD  ITS  DEVELOPMENT
 RIGHTS PERMANENTLY REMOVED,
   (3)  A  PURCHASE OF DEVELOPMENT RIGHTS AGREEMENT WHERE THE PROPERTY OR
 PORTION OF PROPERTY BEING CONVEYED HAS HAD ITS DEVELOPMENT RIGHTS PERMA-
 NENTLY REMOVED,
   (4) A TRANSFER OF DEVELOPMENT RIGHTS  AGREEMENT,  WHERE  THE  PROPERTY
 BEING CONVEYED HAS HAD ITS DEVELOPMENT RIGHTS REMOVED,
   (5)  REAL  PROPERTY  SUBJECT  TO ANY LOCALLY ADOPTED LAND PRESERVATION
 AGREEMENT, PROVIDED SAID EXEMPTION IS INCLUDED IN THE LOCAL LAW IMPOSING
 THE TAX AUTHORIZED BY THIS ARTICLE;
   (K) CONVEYANCES OF REAL PROPERTY, WHERE THE PROPERTY IS  VIABLE  AGRI-
 CULTURAL  LAND  AS DEFINED IN SUBDIVISION SEVEN OF SECTION THREE HUNDRED
 ONE OF THE AGRICULTURE AND MARKETS LAW AND THE  ENTIRE  PROPERTY  TO  BE
 CONVEYED  IS  TO  BE MADE SUBJECT TO ONE OF THE DEVELOPMENT RESTRICTIONS
 PROVIDED FOR IN SUBPARAGRAPH TWO OF PARAGRAPH (J)  OF  THIS  SUBDIVISION
 PROVIDED  THAT  SAID DEVELOPMENT RESTRICTION PRECLUDES THE CONVERSION OF
 THE PROPERTY TO A NON-AGRICULTURAL USE FOR AT LEAST EIGHT YEARS FROM THE
 DATE OF TRANSFER, AND SAID DEVELOPMENT RESTRICTION IS  EVIDENCED  BY  AN
 EASEMENT,  AGREEMENT,  OR  OTHER  SUITABLE  INSTRUMENT  WHICH  IS  TO BE
 CONVEYED TO THE TOWN SIMULTANEOUSLY WITH  THE  CONVEYANCE  OF  THE  REAL
 PROPERTY; OR
   (L)  CONVEYANCES  OF  REAL PROPERTY FOR OPEN SPACE, PARKS, OR HISTORIC
 PRESERVATION PURPOSES TO ANY NOT-FOR-PROFIT TAX EXEMPT CORPORATION OPER-
 ATED FOR CONSERVATION, ENVIRONMENTAL, OR HISTORIC PRESERVATION PURPOSES.
   3. AN EXEMPTION OF ONE HUNDRED THOUSAND DOLLARS SHALL  BE  ALLOWED  ON
 THE  CONSIDERATION  OF  THE  CONVEYANCE  OF IMPROVED REAL PROPERTY OR AN
 INTEREST THEREIN, AND AN EXEMPTION OF FIFTY THOUSAND  DOLLARS  SHALL  BE
 ALLOWED  ON THE CONSIDERATION OF THE CONVEYANCE OF UNIMPROVED REAL PROP-
 ERTY.
   § 1439-FFF. CREDIT. A GRANTEE SHALL BE ALLOWED A  CREDIT  AGAINST  THE
 TAX  DUE  ON A CONVEYANCE OF REAL PROPERTY TO THE EXTENT TAX WAS PAID BY
 SUCH GRANTEE ON A PRIOR CREATION OF A LEASEHOLD OF ALL OR A  PORTION  OF
 THE  SAME  REAL  PROPERTY OR ON THE GRANTING OF AN OPTION OR CONTRACT TO
 PURCHASE ALL OR A PORTION OF THE SAME REAL  PROPERTY  BY  SUCH  GRANTEE.
 SUCH  CREDIT  SHALL  BE  COMPUTED  BY  MULTIPLYING  THE  TAX PAID ON THE

 S. 1668                            10
 
 CREATION OF THE LEASEHOLD OR ON THE GRANTING OF THE OPTION  OR  CONTRACT
 BY  A FRACTION, THE NUMERATOR OF WHICH IS THE VALUE OF THE CONSIDERATION
 USED TO COMPUTE SUCH TAX PAID WHICH IS NOT YET DUE TO  SUCH  GRANTOR  ON
 THE  DATE  OF THE SUBSEQUENT CONVEYANCE (AND WHICH SUCH GRANTOR WILL NOT
 BE ENTITLED TO RECEIVE AFTER SUCH DATE), AND THE DENOMINATOR OF WHICH IS
 THE TOTAL VALUE OF THE CONSIDERATION USED TO COMPUTE SUCH TAX PAID.
   § 1439-GGG. COOPERATIVE HOUSING CORPORATION TRANSFERS.  1.    NOTWITH-
 STANDING  THE DEFINITION OF "CONTROLLING INTEREST" CONTAINED IN SUBDIVI-
 SION TWO OF SECTION FOURTEEN HUNDRED THIRTY-NINE-AAA OF THIS ARTICLE  OR
 ANYTHING  TO THE CONTRARY CONTAINED IN SUBDIVISION FIVE OF SECTION FOUR-
 TEEN HUNDRED THIRTY-NINE-AAA OF THIS ARTICLE, THE TAX  IMPOSED  PURSUANT
 TO  THIS ARTICLE SHALL APPLY TO (A) THE ORIGINAL CONVEYANCE OF SHARES OF
 STOCK IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE  GRANT
 OR TRANSFER OF A PROPRIETARY LEASEHOLD BY THE COOPERATIVE CORPORATION OR
 COOPERATIVE  PLAN  SPONSOR,  AND  (B)  THE SUBSEQUENT CONVEYANCE OF SUCH
 STOCK IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE  GRANT
 OR  TRANSFER  OF  A  PROPRIETARY  LEASEHOLD  BY  THE OWNER THEREOF. WITH
 RESPECT TO ANY SUCH SUBSEQUENT CONVEYANCE WHERE THE PROPERTY IS AN INDI-
 VIDUAL RESIDENTIAL UNIT, THE CONSIDERATION  FOR  THE  INTEREST  CONVEYED
 SHALL  EXCLUDE  THE VALUE OF ANY LIENS ON CERTIFICATES OF STOCK OR OTHER
 EVIDENCES OF AN OWNERSHIP INTEREST IN AND A  PROPRIETARY  LEASE  FROM  A
 CORPORATION  OR PARTNERSHIP FORMED FOR THE PURPOSE OF COOPERATIVE OWNER-
 SHIP OF RESIDENTIAL INTEREST IN REAL ESTATE  REMAINING  THEREON  AT  THE
 TIME  OF CONVEYANCE. IN DETERMINING THE TAX ON A CONVEYANCE DESCRIBED IN
 PARAGRAPH (A) OF THIS SUBDIVISION, A  CREDIT  SHALL  BE  ALLOWED  FOR  A
 PROPORTIONATE  PART OF THE AMOUNT OF ANY TAX PAID UPON THE CONVEYANCE TO
 THE COOPERATIVE HOUSING CORPORATION OF THE REAL PROPERTY COMPRISING  THE
 COOPERATIVE  DWELLING  OR  DWELLINGS  TO THE EXTENT THAT SUCH CONVEYANCE
 EFFECTUATED A MERE CHANGE OF IDENTITY OR FORM OF OWNERSHIP OF SUCH PROP-
 ERTY AND NOT A CHANGE IN THE BENEFICIAL OWNERSHIP OF SUCH PROPERTY.  THE
 AMOUNT  OF  THE  CREDIT SHALL BE DETERMINED BY MULTIPLYING THE AMOUNT OF
 TAX PAID UPON THE CONVEYANCE TO THE COOPERATIVE HOUSING CORPORATION BY A
 PERCENTAGE REPRESENTING THE EXTENT TO WHICH SUCH CONVEYANCE  EFFECTUATED
 A  MERE  CHANGE OF IDENTITY OR FORM OF OWNERSHIP AND NOT A CHANGE IN THE
 BENEFICIAL OWNERSHIP OF SUCH PROPERTY, AND THEN MULTIPLYING THE  RESULT-
 ING PRODUCT BY A FRACTION, THE NUMERATOR OF WHICH SHALL BE THE NUMBER OF
 SHARES  OF STOCK CONVEYED IN A TRANSACTION DESCRIBED IN PARAGRAPH (A) OF
 THIS SUBDIVISION, AND THE DENOMINATOR OF WHICH SHALL BE THE TOTAL NUMBER
 OF SHARES OF STOCK OF THE COOPERATIVE HOUSING CORPORATION (INCLUDING ANY
 STOCK HELD BY THE CORPORATION). IN NO EVENT, HOWEVER, SHALL SUCH  CREDIT
 REDUCE  THE  TAX,  ON  A  CONVEYANCE  DESCRIBED IN PARAGRAPH (A) OF THIS
 SUBDIVISION, BELOW ZERO, NOR SHALL ANY SUCH CREDIT BE ALLOWED FOR A  TAX
 PAID  MORE THAN TWENTY-FOUR MONTHS PRIOR TO THE DATE ON WHICH OCCURS THE
 FIRST IN A SERIES OF CONVEYANCES OF SHARES OF STOCK IN  AN  OFFERING  OF
 COOPERATIVE  HOUSING  CORPORATION  SHARES  DESCRIBED IN PARAGRAPH (A) OF
 THIS SUBDIVISION.
   2. EVERY COOPERATIVE HOUSING CORPORATION SHALL BE REQUIRED TO FILE  AN
 INFORMATION  RETURN  WITH  THE  TREASURER BY JULY FIFTEENTH OF EACH YEAR
 COVERING THE PRECEDING PERIOD OF JANUARY FIRST  THROUGH  JUNE  THIRTIETH
 AND  BY  JANUARY FIFTEENTH OF EACH YEAR COVERING THE PRECEDING PERIOD OF
 JULY FIRST THROUGH DECEMBER THIRTY-FIRST. THE RETURN SHALL CONTAIN  SUCH
 INFORMATION  REGARDING  THE CONVEYANCE OF SHARES OF STOCK IN THE COOPER-
 ATIVE HOUSING CORPORATION AS THE TREASURER MAY DEEM  NECESSARY,  INCLUD-
 ING,  BUT  NOT LIMITED TO, THE NAMES, ADDRESSES AND EMPLOYEE IDENTIFICA-
 TION NUMBERS OR SOCIAL SECURITY NUMBERS OF THE GRANTOR AND THE  GRANTEE,

 S. 1668                            11
 
 THE  NUMBER  OF  SHARES  CONVEYED,  THE  DATE  OF THE CONVEYANCE AND THE
 CONSIDERATION PAID FOR SUCH CONVEYANCE.
   §  1439-HHH.  DESIGNATION  OF  AGENTS.  THE TREASURER IS AUTHORIZED TO
 DESIGNATE THE RECORDING OFFICER TO ACT AS HIS OR HER AGENT FOR  PURPOSES
 OF  COLLECTING  THE  TAX AUTHORIZED BY THIS ARTICLE. THE TREASURER SHALL
 PROVIDE FOR THE MANNER IN WHICH SUCH PERSON MAY BE DESIGNATED AS HIS  OR
 HER  AGENT  SUBJECT  TO SUCH TERMS AND CONDITIONS AS THE TREASURER SHALL
 PRESCRIBE.  THE REAL ESTATE TRANSFER TAX SHALL BE PAID TO SUCH AGENT  AS
 PROVIDED IN SECTION FOURTEEN HUNDRED THIRTY-NINE-CCC OF THIS ARTICLE.
   §  1439-III. LIABILITY OF RECORDING OFFICER. A RECORDING OFFICER SHALL
 NOT BE LIABLE FOR ANY INACCURACY IN THE AMOUNT OF TAX  IMPOSED  PURSUANT
 TO  THIS ARTICLE THAT HE OR SHE SHALL COLLECT SO LONG AS HE OR SHE SHALL
 COMPUTE AND COLLECT SUCH TAX ON THE AMOUNT OF CONSIDERATION OR THE VALUE
 OF THE INTEREST CONVEYED AS SUCH AMOUNTS ARE PROVIDED TO HIM OR  HER  BY
 THE PERSON PAYING THE TAX.
   §  1439-JJJ.  REFUNDS. WHENEVER THE TREASURER SHALL DETERMINE THAT ANY
 MONEYS RECEIVED UNDER THE PROVISIONS OF THE LOCAL LAW  ENACTED  PURSUANT
 TO  THIS  ARTICLE WERE PAID IN ERROR, HE OR SHE MAY CAUSE SUCH MONEYS TO
 BE REFUNDED PURSUANT TO SUCH REQUIREMENTS AS HE OR  SHE  MAY  PRESCRIBE,
 PROVIDED THAT ANY APPLICATION FOR SUCH REFUND IS FILED WITH THE TREASUR-
 ER WITHIN TWO YEARS FROM THE DATE THE ERRONEOUS PAYMENT WAS MADE.
   §  1439-KKK.  DEPOSIT AND DISPOSITION OF REVENUE. 1. ALL TAXES, PENAL-
 TIES AND INTEREST IMPOSED BY THE TOWN UNDER  THE  AUTHORITY  OF  SECTION
 FOURTEEN HUNDRED THIRTY-NINE-BBB OF THIS ARTICLE, WHICH ARE COLLECTED BY
 THE TREASURER OR HIS OR HER AGENTS, SHALL BE DEPOSITED IN A SINGLE TRUST
 FUND FOR THE TOWN AND SHALL BE KEPT IN TRUST AND SEPARATE AND APART FROM
 ALL  OTHER  MONIES  IN  POSSESSION OF THE TREASURER. MONEYS IN SUCH FUND
 SHALL BE DEPOSITED AND SECURED IN THE MANNER PROVIDED BY SECTION TEN  OF
 THE  GENERAL  MUNICIPAL LAW.  PENDING EXPENDITURE FROM SUCH FUND, MONEYS
 THEREIN MAY BE INVESTED IN THE MANNER PROVIDED IN SECTION ELEVEN OF  THE
 GENERAL  MUNICIPAL  LAW. ANY INTEREST EARNED OR CAPITAL GAIN REALIZED ON
 THE MONEYS SO DEPOSITED OR INVESTED SHALL ACCRUE TO AND BECOME  PART  OF
 SUCH FUND.
   2.  THE  TREASURER SHALL RETAIN SUCH AMOUNT AS HE OR SHE MAY DETERMINE
 TO BE NECESSARY FOR REFUNDS WITH RESPECT TO THE TAX IMPOSED BY THE TOWN,
 UNDER THE AUTHORITY OF SECTION FOURTEEN HUNDRED THIRTY-NINE-BBB OF  THIS
 ARTICLE,  OUT OF WHICH THE TREASURER SHALL PAY ANY REFUNDS OF SUCH TAXES
 TO THOSE TAXPAYERS ENTITLED TO A REFUND PURSUANT TO  THE  PROVISIONS  OF
 THIS ARTICLE.
   3. THE TREASURER, AFTER RESERVING SUCH REFUNDS, SHALL ON OR BEFORE THE
 TWELFTH  DAY  OF EACH MONTH PAY TO THE TOWN SUPERVISOR THE TAXES, PENAL-
 TIES AND INTEREST IMPOSED BY THE TOWN UNDER  THE  AUTHORITY  OF  SECTION
 FOURTEEN HUNDRED THIRTY-NINE-BBB OF THIS ARTICLE, COLLECTED BY THE TREA-
 SURER,  PURSUANT  TO  THIS  ARTICLE  DURING  THE NEXT PRECEDING CALENDAR
 MONTH. THE AMOUNT SO PAYABLE SHALL BE CERTIFIED TO THE  TOWN  SUPERVISOR
 BY  THE  TREASURER,  WHO  SHALL NOT BE HELD LIABLE FOR ANY INACCURACY IN
 SUCH CERTIFICATION. PROVIDED, HOWEVER, ANY  SUCH  CERTIFICATION  MAY  BE
 BASED  ON  SUCH  INFORMATION AS MAY BE AVAILABLE TO THE TREASURER AT THE
 TIME SUCH CERTIFICATION MUST BE MADE UNDER  THIS  SECTION.    WHERE  THE
 AMOUNT SO PAID OVER TO THE TOWN IN ANY SUCH DISTRIBUTION IS MORE OR LESS
 THAN THE AMOUNT DUE TO THE TOWN, THE AMOUNT OF THE OVERPAYMENT OR UNDER-
 PAYMENT  SHALL BE CERTIFIED TO THE TOWN SUPERVISOR BY THE TREASURER, WHO
 SHALL NOT BE HELD LIABLE FOR ANY INACCURACY IN SUCH  CERTIFICATION.  THE
 AMOUNT  OF  THE OVERPAYMENT OR UNDERPAYMENT SHALL BE SO CERTIFIED TO THE
 TOWN SUPERVISOR AS SOON AFTER THE DISCOVERY OF THE OVERPAYMENT OR UNDER-
 PAYMENT AS REASONABLY POSSIBLE AND SUBSEQUENT PAYMENTS AND DISTRIBUTIONS

 S. 1668                            12
 
 BY THE TREASURER TO THE TOWN SHALL BE ADJUSTED BY SUBTRACTING THE AMOUNT
 OF ANY SUCH OVERPAYMENT FROM OR BY ADDING THE AMOUNT OF ANY SUCH  UNDER-
 PAYMENT  TO  SUCH NUMBER OF SUBSEQUENT PAYMENTS AND DISTRIBUTIONS AS THE
 TREASURER  AND  TOWN SUPERVISOR SHALL CONSIDER REASONABLE IN VIEW OF THE
 OVERPAYMENT OR UNDERPAYMENT AND ALL OTHER FACTS AND CIRCUMSTANCES.
   4. ALL MONIES RECEIVED FROM THE TREASURER SHALL BE  DEPOSITED  IN  THE
 FUND OF THE TOWN, PURSUANT TO SECTION SIXTY-FOUR-K OF THE TOWN LAW.
   §  1439-LLL. JUDICIAL REVIEW. 1. ANY FINAL DETERMINATION OF THE AMOUNT
 OF ANY TAX PAYABLE UNDER SECTION  FOURTEEN  HUNDRED  THIRTY-NINE-CCC  OF
 THIS  ARTICLE  SHALL  BE REVIEWABLE FOR ERROR, ILLEGALITY OR UNCONSTITU-
 TIONALITY OR ANY OTHER REASON WHATSOEVER BY A PROCEEDING  UNDER  ARTICLE
 SEVENTY-EIGHT  OF THE CIVIL PRACTICE LAW AND RULES IF APPLICATION THERE-
 FOR IS MADE TO THE SUPREME COURT WITHIN FOUR MONTHS AFTER THE GIVING  OF
 THE NOTICE OF SUCH FINAL DETERMINATION, PROVIDED, HOWEVER, THAT ANY SUCH
 PROCEEDING  UNDER  ARTICLE  SEVENTY-EIGHT  OF THE CIVIL PRACTICE LAW AND
 RULES SHALL NOT BE INSTITUTED UNLESS (A) THE AMOUNT OF ANY TAX SOUGHT TO
 BE REVIEWED, WITH SUCH INTEREST AND PENALTIES THEREON AS MAY BE PROVIDED
 FOR BY LOCAL LAW SHALL BE FIRST DEPOSITED AND THERE IS FILED  AN  UNDER-
 TAKING,  ISSUED  BY  A SURETY COMPANY AUTHORIZED TO TRANSACT BUSINESS IN
 THIS STATE  AND  APPROVED  BY  THE  STATE  SUPERINTENDENT  OF  FINANCIAL
 SERVICES  AS TO SOLVENCY AND RESPONSIBILITY, IN SUCH AMOUNT AS A JUSTICE
 OF THE SUPREME COURT SHALL APPROVE TO THE EFFECT THAT IF SUCH PROCEEDING
 BE DISMISSED OR THE TAX CONFIRMED THE PETITIONER WILL PAY ALL COSTS  AND
 CHARGES WHICH MAY ACCRUE IN THE PROSECUTION OF SUCH PROCEEDING OR (B) AT
 THE  OPTION  OF  THE PETITIONER, SUCH UNDERTAKING MAY BE IN A SUM SUFFI-
 CIENT TO COVER THE TAXES, INTEREST AND PENALTIES STATED IN SUCH DETERMI-
 NATION, PLUS THE COSTS AND CHARGES WHICH MAY ACCRUE AGAINST  IT  IN  THE
 PROSECUTION  OF  THE PROCEEDING, IN WHICH EVENT THE PETITIONER SHALL NOT
 BE REQUIRED TO PAY SUCH TAXES, INTEREST  OR  PENALTIES  AS  A  CONDITION
 PRECEDENT TO THE APPLICATION.
   2.  WHERE ANY TAX IMPOSED HEREUNDER SHALL HAVE BEEN ERRONEOUSLY, ILLE-
 GALLY OR UNCONSTITUTIONALLY ASSESSED OR COLLECTED  AND  APPLICATION  FOR
 THE REFUND OR REVISION THEREOF DULY MADE TO THE PROPER FISCAL OFFICER OR
 OFFICERS,  AND  SUCH OFFICER OR OFFICERS SHALL HAVE MADE A DETERMINATION
 DENYING SUCH REFUND OR REVISION, SUCH DETERMINATION SHALL BE  REVIEWABLE
 BY  A  PROCEEDING  UNDER ARTICLE SEVENTY-EIGHT OF THE CIVIL PRACTICE LAW
 AND RULES; PROVIDED, HOWEVER, THAT (A)  SUCH  PROCEEDING  IS  INSTITUTED
 WITHIN  FOUR MONTHS AFTER THE GIVING OF THE NOTICE OF SUCH DENIAL, (B) A
 FINAL DETERMINATION OF TAX DUE WAS  NOT  PREVIOUSLY  MADE,  AND  (C)  AN
 UNDERTAKING  IS FILED WITH THE PROPER FISCAL OFFICER OR OFFICERS IN SUCH
 AMOUNT AND WITH SUCH SURETIES AS A JUSTICE OF THE  SUPREME  COURT  SHALL
 APPROVE  TO  THE  EFFECT THAT IF SUCH PROCEEDING BE DISMISSED OR THE TAX
 CONFIRMED, THE PETITIONER WILL PAY  ALL  COSTS  AND  CHARGES  WHICH  MAY
 ACCRUE IN THE PROSECUTION OF SUCH PROCEEDING.
   § 1439-MMM. APPORTIONMENT. A LOCAL LAW ADOPTED BY THE TOWN OF BLOOMING
 GROVE,  PURSUANT  TO  THIS ARTICLE, SHALL PROVIDE FOR A METHOD OF APPOR-
 TIONMENT FOR DETERMINING THE AMOUNT OF TAX DUE WHENEVER THE REAL PROPER-
 TY OR INTEREST THEREIN IS SITUATED WITHIN AND WITHOUT THE TOWN.
   § 1439-NNN. MISCELLANEOUS. A LOCAL LAW ADOPTED BY THE TOWN OF BLOOMING
 GROVE, PURSUANT TO THIS ARTICLE, MAY CONTAIN SUCH  OTHER  PROVISIONS  AS
 THE  TOWN  DEEMS  NECESSARY  FOR  THE  PROPER  ADMINISTRATION OF THE TAX
 IMPOSED PURSUANT TO THIS ARTICLE, INCLUDING  PROVISIONS  CONCERNING  THE
 DETERMINATION  OF  TAX,  THE IMPOSITION OF INTEREST ON UNDERPAYMENTS AND
 OVERPAYMENTS AND THE IMPOSITION  OF  CIVIL  PENALTIES.  SUCH  PROVISIONS
 SHALL  BE  IDENTICAL  TO THE CORRESPONDING PROVISIONS OF THE REAL ESTATE
 TRANSFER TAX IMPOSED BY ARTICLE THIRTY-ONE OF THIS CHAPTER,  SO  FAR  AS

 S. 1668                            13
 
 SUCH  PROVISIONS  CAN  BE MADE APPLICABLE TO THE TAX IMPOSED PURSUANT TO
 THIS ARTICLE.
   §  1439-OOO. RETURNS TO BE SECRET. 1. EXCEPT IN ACCORDANCE WITH PROPER
 JUDICIAL ORDER OR AS OTHERWISE PROVIDED BY LAW, IT SHALL BE UNLAWFUL FOR
 THE TREASURER OR ANY OFFICER OR EMPLOYEE OF THE COUNTY OR TOWN,  INCLUD-
 ING  ANY PERSON ENGAGED OR RETAINED ON AN INDEPENDENT CONTRACT BASIS, TO
 DIVULGE OR MAKE KNOWN  IN  ANY  MANNER  THE  PARTICULARS  SET  FORTH  OR
 DISCLOSED  IN  ANY RETURN REQUIRED UNDER A LOCAL LAW ENACTED PURSUANT TO
 THIS ARTICLE. HOWEVER, THAT NOTHING IN THIS SECTION SHALL  PROHIBIT  THE
 RECORDING  OFFICER  FROM  MAKING A NOTATION ON AN INSTRUMENT EFFECTING A
 CONVEYANCE INDICATING THE AMOUNT OF TAX  PAID.  NO  RECORDED  INSTRUMENT
 EFFECTING A CONVEYANCE SHALL BE CONSIDERED A RETURN FOR PURPOSES OF THIS
 SECTION.
   2.  THE OFFICERS CHARGED WITH THE CUSTODY OF SUCH RETURNS SHALL NOT BE
 REQUIRED TO PRODUCE ANY OF THEM OR EVIDENCE  OF  ANYTHING  CONTAINED  IN
 THEM  IN  ANY ACTION OR PROCEEDING IN ANY COURT, EXCEPT ON BEHALF OF THE
 COUNTY OR TOWN IN ANY ACTION OR PROCEEDING INVOLVING THE COLLECTION OF A
 TAX DUE UNDER A LOCAL LAW ENACTED PURSUANT TO THIS ARTICLE TO WHICH SUCH
 COUNTY OR TOWN IS A PARTY, OR A CLAIMANT, OR ON BEHALF OF ANY  PARTY  TO
 ANY  ACTION  OR  PROCEEDING  UNDER THE PROVISIONS OF A LOCAL LAW ENACTED
 PURSUANT TO THIS ARTICLE WHEN THE RETURNS OR  FACTS  SHOWN  THEREBY  ARE
 DIRECTLY  INVOLVED  IN SUCH ACTION OR PROCEEDING, IN ANY OF WHICH EVENTS
 THE COURT MAY REQUIRE THE PRODUCTION OF, AND MAY ADMIT IN  EVIDENCE,  SO
 MUCH  OF SAID RETURNS OR OF THE FACTS SHOWN THEREBY, AS ARE PERTINENT TO
 THE ACTION OR PROCEEDING AND NO MORE.
   3. NOTHING HEREIN SHALL BE CONSTRUED TO PROHIBIT  THE  DELIVERY  TO  A
 GRANTOR  OR  GRANTEE OF AN INSTRUMENT EFFECTING A CONVEYANCE OR THE DULY
 AUTHORIZED REPRESENTATIVE OF A GRANTOR OR GRANTEE OF A CERTIFIED COPY OF
 ANY RETURN FILED IN CONNECTION WITH SUCH INSTRUMENT OR TO  PROHIBIT  THE
 PUBLICATION OF STATISTICS SO CLASSIFIED AS TO PREVENT THE IDENTIFICATION
 OF  PARTICULAR  RETURNS  AND THE ITEMS THEREOF, OR THE INSPECTION BY THE
 LEGAL REPRESENTATIVES OF SUCH COUNTY  OR  TOWN  OF  THE  RETURN  OF  ANY
 TAXPAYER  WHO  SHALL  BRING  ACTION TO SET ASIDE OR REVIEW THE TAX BASED
 THEREON.
   4. ANY OFFICER OR EMPLOYEE  OF  SUCH  COUNTY  OR  TOWN  WHO  WILLFULLY
 VIOLATES  THE  PROVISIONS OF THIS SECTION SHALL BE DISMISSED FROM OFFICE
 AND BE INCAPABLE OF HOLDING ANY PUBLIC OFFICE IN THIS STATE FOR A PERIOD
 OF FIVE YEARS THEREAFTER.
   § 1439-PPP. FORECLOSURE PROCEEDINGS. WHERE THE CONVEYANCE CONSISTS  OF
 A  TRANSFER  OF  PROPERTY MADE AS A RESULT OF AN ORDER OF THE COURT IN A
 FORECLOSURE PROCEEDING ORDERING THE SALE OF SUCH PROPERTY,  THE  REFEREE
 OR SHERIFF EFFECTUATING SUCH TRANSFER SHALL NOT BE LIABLE FOR ANY INTER-
 EST OR PENALTIES THAT ARE AUTHORIZED PURSUANT TO THIS ARTICLE OR ARTICLE
 THIRTY-SEVEN OF THIS CHAPTER.
   §  3.  Severability.  If  any provision of this act or the application
 thereof shall for any reason be  adjudged  by  any  court  of  competent
 jurisdiction  to  be invalid, such judgment shall not affect, impair, or
 invalidate the remainder of this act, but shall be confined in its oper-
 ation to the provision thereof directly involved in the  controversy  in
 which such judgment shall have been rendered.
   §  4.  This act shall take effect immediately; provided, however, that
 section two of this act shall take effect on the ninetieth day after  it
 shall  have  become  a  law and shall expire December 31, 2041 when upon
 such date the provisions of such section shall be deemed repealed.