NOTICE IS HEREBY GIVEN, that the Town Board of the Town of Smithtown, Suffolk County, State of New York met at the Victor T. Liss Board Room, Patrick R. Vecchio Town Hall, 99 West Main Street, Smithtown, New York on the 23rd day of March, 2017 at 2:00 p.m., time then in effect and duly adopted proposed Local Law #3-2017 adopting amendments to Chapter 323-3 of the Code of the Town of Smithtown entitled "Definitions. Density Flow Bank", for which a public Hearing was held on March 7, 2017 and pursuant to SEQRA dated March 20, 2017 and the recommendation of the Town Attorney as follows:
Proposed Local Law #3-2017
Chapter 323: Transfer of Density Flow Rights
Additions indicated by underlines.
Deletions indicated by
§ 323-3 Definitions.
DENSITY FLOW RIGHTS BANK
A depository comprised of:
A trust-in-agency account into which deposits are made upon sale of publicly held flow rights and from which withdrawals are made to purchase density flow rights or to acquire and conserve open space, as authorized by the Town Board. A separate cash account and accounting of the density flow rights in a fund that combines into the General Fund for financial statement presentation as a restricted reserve which deposits are made upon sale of publically-held flow rights and from which withdrawals are made to purchase interests to acquire and conserve open space.
Dated: March 23, 2017
BY ORDER OF THE TOWN BOARD
OF THE TOWN OF SMITHTOWN