§ 64-d. Payment in lieu of taxes for property acquired for open space
purposes. The town of Southampton, Suffolk county, shall have the power
and authority with respect to property acquired for open space purposes
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 jurisdictions shall suffer an inequitable loss of revenue by
virtue of such open space acquisition. 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 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 or in whose behalf such taxes or benefit assessments may
be levied or collected. That the payments or transfers made pursuant to
the power and authority granted herein with respect to such property
shall continue notwithstanding that the legislature of the state of New
York may hereinafter alter, modify or replace the current method of
financing of public education and notwithstanding that a court of
competent jurisdiction may hereinafter order that such method of
financing public education be altered, modified or replaced.