The purpose of this article is to ratify and
effect the repeal and recision of the sales and use tax within the
City of Troy in accordance with a certain tri-party agreement by the
City of Troy, City of Rensselaer and County of Rensselaer pursuant
to § 1262(c) of the Tax Law.
It is recognized that to meet the requirements
of § 1210(d) of said Tax Law, on October 28, 1982, the City
Council unanimously passed a resolution rescinding and repealing the
sales and use tax in its entirety, effective December 1, 1982, conditioned
upon the full execution of the aforesaid agreement.