* § 64-l. Town of Copake preservation funds. 1. As used in this\nsection, the following words and terms shall have the following\nmeanings:\n (a) "Town" means the town of Copake.\n (b) "Community preservation" shall mean and include any of the\npurposes outlined in subdivision five of this section.\n (c) "Board" means the advisory board required pursuant to subdivision\nsix of this section.\n (d) "Fund" means the community preservation fund created pursuant to\nsubdivision two of this section.\n (e) "Tax" shall mean the real estate transfer tax imposed pursuant to\nsection fourteen hundred fifty-b of the tax law or, if the context\nclearly indicates, shall mean the real estate transfer tax imposed\npursuant to article thirty-one of the tax law.\n 2. The town board of the town of Copake is authorized to establish by\nlocal law a community preservation fund pursuant to the provisions of\nthis section. Deposits into the fund may include revenues of the local\ngovernment from whatever source and shall include, at a minimum, all\nrevenues from a tax imposed upon the transfer of real property interests\nin such town pursuant to article thirty-one-J of the tax law. The fund\nshall also be authorized to accept gifts of any such interests in land\nor of funds. Interest accrued by monies deposited into the fund shall be\ncredited to the fund. In no event shall monies deposited in the fund be\ntransferred to any other account. Nothing contained in this section\nshall be construed to prevent the financing in whole or in part,\npursuant to the local finance law, of any acquisition authorized\npursuant to this section. Monies from the fund may be utilized to repay\nany indebtedness or obligations incurred pursuant to the local finance\nlaw consistent with effectuating the purposes 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 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, and (d) to provide a management and stewardship program for\nsuch interests and rights consistent with subdivision ten of this\nsection and in accordance with such plan designed to preserve community\ncharacter. Not more than ten percent of the fund shall be utilized for\nthe management and stewardship program.\n 4. If the implementation of the community preservation project plan,\nadopted by the town board, as provided in subdivision seven of this\nsection, has been completed, and funds are no longer needed for the\npurposes outlined in this subdivision, then any remaining monies in the\nfund shall be applied to reduce any bonded indebtedness or obligations\nincurred to effectuate the purposes of this section.\n 5. Preservation of community character shall involve one or more of\nthe following:\n (a) preservation of open space;\n (b) establishment of parks, nature preserves, or recreation areas;\n (c) preservation of land which is predominantly viable agricultural\nland, as defined in subdivision seven of section three hundred one of\nthe agriculture and markets law, or unique and irreplaceable\nagricultural land, as defined in subdivision six of section three\nhundred one of the agriculture and markets law;\n (d) preservation of lands of exceptional scenic value;\n (e) preservation of freshwater marshes or other wetlands;\n (f) preservation of aquifer recharge areas;\n (g) preservation of undeveloped beach-lands or shoreline;\n (h) establishment of wildlife refuges for the purpose of maintaining\nnative animal species diversity, including the protection of habitat\nessential to the recovery of rare, threatened or endangered species
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