§ 64-e. Peconic Bay region community preservation funds. 1. As used\nin this section, the following words and terms shall have the following\nmeanings:\n (a) "Peconic Bay region" means the towns of East Hampton, Riverhead,\nShelter Island, Southampton and Southold.\n (b) "Community preservation" shall mean and include any of the\npurposes outlined in subdivision four of this section.\n (c) "Board" means the advisory board required pursuant to subdivision\nfive of this section.\n (d) "Fund" means the community preservation fund created pursuant to\nsubdivision two of this section.\n (e) "Water quality improvement project" means projects designed to\nimprove the quality of drinking and surface waters and projects,\nincluding operational expenses, related to the operation of the Peconic\nBay National Estuary Program, as designated by the United States\nEnvironmental Protection Agency.\n (f) "Disadvantaged communities" shall mean a community that is\nidentified pursuant to section 75-0111 of the environmental conservation\nlaw.\n 2. The town board of any town in the Peconic Bay region is authorized\nto establish 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 town pursuant to article thirty-one-D of the\ntax law. The fund shall also be authorized to accept gifts of any such\ninterests in land or of funds. Interest accrued by monies deposited into\nthe fund shall be credited to the fund. In no event shall monies\ndeposited in the fund be transferred to any other account. Nothing\ncontained in this section shall be construed to prevent the financing in\nwhole or in part, pursuant to the local finance law, of any acquisition\nor water quality improvement project authorized pursuant to this\nsection. Monies from the fund may be utilized to repay any indebtedness\nor obligations incurred pursuant to the local finance law consistent\nwith effectuating the purposes of this section. Where a town finances an\nacquisition or water quality improvement project, in whole, or in part,\npursuant to the local finance law, the resolution authorizing such\nindebtedness shall be accompanied by a report from the town supervisor\ndemonstrating how said indebtedness will be repaid by the fund. Said\nreport shall include an estimate of projected revenues of the fund\nduring the period of indebtedness. The report shall also provide an\naccounting of all other indebtedness incurred against the fund to be\nrepaid for the same period. The town board shall make findings by\nresolution that there will be sufficient revenue to repay such\nindebtedness in its entirety from the fund before authorizing such\nindebtedness.\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 town including villages\ntherein in accordance with such plan and in cooperation with willing\nsellers, (c) to establish a bank pursuant to a transfer of development\nrights program consistent with section two hundred sixty-one-a of this\nchapter, (d) to provide a management and stewardship program for such\ninterests and rights consistent with subdivisions nine and nine-a of\nthis section and in accordance with such plan designed to preserve\ncommunity character; provided that not more than ten percent of the fund\nshall be utilized for the management and stewardship program, and (e) to\nimplement water quality improvement projects in accordance with a plan\nto preserve community character. A maximum of twenty (20) percent of the\nfund may be utilized for the implementation of water quality improvement\nprojects; provided that where suc
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