Article IV Termination of Rights and Obligations of Village of Rye

The rights, duties, privileges and obligations possessed by or imposed upon the village of Rye, by virtue of the provisions of the act of the legislature creating the Rye town park and any amendment or amendments thereto shall cease and terminate on the first day of January, nineteen hundred forty-two, and thereupon said rights, duties, privileges and obligations shall for all purposes be vested in and possessed by the city of Rye but in no event shall the equal rights of each and every resident of the town of Rye as it existed prior to said date be in any way restricted or affected hereby in the use or enjoyment of the Rye town park and its facilities. Wherever in said act of the legislature creating the Rye town park and any amendment or amendments thereto any reference is made to the town of Rye, it shall be construed to include that portion of the town of Rye formerly within the village of Rye, and on the first day of January, nineteen hundred forty-two, within the city of Rye. Any debts, other obligations or interest thereon of the Rye town park heretofore imposed upon that portion of the town of Rye within the boundaries of the village of Rye shall hereafter be borne by the city of Rye in the same proportion as the total assessed value of the entire property within the city of Rye bears to the total assessed value of the property in the combined city of Rye, village of Port Chester, that part of Mamaroueck village in the town of Rye, and all unincorporated areas located in the town of Rye, and title to the Rye town park including the buildings and improvements thereon shall vest in the town of Rye and the city of Rye in like proportion. For this purpose and so far as all debts, obligations and interest thereon of the Rye town park heretofore incurred are concerned, the last completed assessment roll of the town of Rye prior to the first day of January, nineteen hundred forty-two shall be the basis of such computation. So far as all debts, obligations and interest thereon of the Rye town park hereafter incurred are concerned, the respective total assessed valuations of property within the city and the remaining property within the town of Rye shall be equalized in each year upon the same basis of equalization and at the same rate as adopted by the county tax commission.