§ 6-s. Community preservation funds. 1. As used in this section, the\nfollowing words and terms shall have the following meanings:\n (a) "Community preservation" shall mean and include any of the\npurposes outlined in subdivision four of this section.\n (b) "Board" means the advisory board required pursuant to subdivision\nfive of this section.\n (c) "Fund" means the community preservation fund created pursuant to\nsubdivision two of this section.\n (d) "Designated community" means any town or city within the Hudson\nValley counties of Putnam, Ulster, or Westchester.\n (e) "Tax" means the real estate transfer tax payable on a real\nproperty conveyance pursuant to section fifteen hundred sixty-one of the\ntax law, but shall have a different meaning if the context clearly\nindicates such as the real estate transfer tax imposed pursuant to\narticle thirty-one of the tax law.\n 2. The governing body of any designated community is authorized to\nestablish by local law a community preservation fund pursuant to the\nprovisions of this section. Deposits into the fund may include revenues\nof the local government from whatever source and shall include, at a\nminimum, all revenues from a tax imposed upon the transfer of real\nproperty interests in such designated community pursuant to article\nthirty-three-B of the tax law. The fund shall also be authorized to\naccept gifts of any such interests in land or of funds. Interest accrued\nby monies deposited into the fund shall be credited to the fund. In no\nevent shall monies deposited in the fund be transferred to any other\naccount. Nothing contained in this section shall be construed to prevent\nthe financing in whole or in part, pursuant to the local finance law, of\nany acquisition authorized pursuant to this section. Monies from the\nfund may be utilized to repay any indebtedness or obligations incurred\npursuant to the local finance law consistent with effectuating the\npurposes of this section.\n 3. The purposes of the fund shall be exclusively, (a) to implement a\nplan for the preservation of community character as required by this\nsection, (b) to acquire interests or rights in real property for the\npreservation of community character within the designated community\nincluding villages therein in accordance with such plan and in\ncooperation with willing sellers, (c) to establish a bank pursuant to a\ntransfer of development rights program consistent with section two\nhundred sixty-one-a of the town law and section twenty-f of the general\ncity law, (d) to provide a management and stewardship program for such\ninterests and rights consistent with subdivision nine of this section\nand in accordance with such plan designed to preserve community\ncharacter; provided that not more than ten percent of the fund shall be\nutilized for such management and stewardship program, and (e) to make\npayments to school, fire, fire protection and ambulance districts in\nconnection with lands within the designated community that are owned by\nthe state or any municipal corporation. Such payments may only be made\nto districts where more than twenty-five percent of the assessed value\nof such district is wholly exempt from real property taxation pursuant\nto the real property tax law because it is owned by the state or a\nmunicipal corporation. Not more than ten percent of the fund may be used\nfor such purpose in any calendar year. Such payments from the fund shall\nnot exceed the actual tax liability that would have been due if such\nlands of the state or of a municipal corporation had been subject to\nreal property taxation. Where more than one district is eligible for\nsuch a payment under this paragraph, and such payment is less than the\nactual tax liability that would have been due if such lands of the state\nor a municipal corporation had been subject to real property taxation,\nthe designated community shall apportion such annual payment on the\nbasis of the total tax levied by eac
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