Section 64-A. Payment in lieu of taxes for property acquired for park or recreational purposes

The town of  Hempstead  having  acquired  certain
  property  for  park  or  recreational  purposes  in the Lido Beach-Point
  Lookout area shall have the power and authority  with  respect  to  such
  property,  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 jurisdiction shall suffer an inequitable
  loss of revenue by virtue of such park or recreational program; provided
  further, that 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 purpose or 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 in the Lido Beach-Point
  Lookout area or in whose behalf such taxes or benefit assessments may be
  levied or collected.
    * NB Section operative only to and including June 30, 2010