A.
In order to avoid additional expense to the Town where subdivision regulations[1] require sidewalks and/or curbs to be installed and where the Planning Board or any other governmental agency having jurisdiction determines that sidewalks and curbs need not be installed at the time of the approval of the plat or site plan or building permit[2] and grants a waiver of the requirements, the Planning Board shall require as a condition of the approval of any such plat or map a payment to the Town of Huntington of an amount to be determined by the Planning Board in accordance with the applicable rules and regulations, which amount shall be available for use by the Town of Huntington for the construction of sidewalks and curbs.
B.
The Town Board shall deposit in a trust and agency account, to be known as the "Curb and Sidewalk Account," all funds which are collected from time to time pursuant to this article and shall use such funds solely for the purpose of constructing curbs and sidewalks where such facilities are deemed to be needed. Such construction will be accomplished to meet the specifications of the Town of Huntington.