The Town Board hereby adopts § 1262,
Subdivision (2), of the Tax Law of the State of New York and elects
to be paid directly the revenues from taxes imposed by cities under
1,000,000 counties and school districts situated within the County
of Ulster where said amounts are not set aside for county purposes
or educational purposes.
The Town shall provide that these moneys shall
be applied first to reduce county taxes levied upon real property
situated within the town, with any balance remaining to be applied
to reduce general Town taxes levied upon real property in said town,
or that said moneys shall first be applied to reduce general Town
taxes levied upon real property within the town, with any balance
remaining to be used to reduce county taxes levied upon real property
within the town, or that the amount which would be so applied to reduce
the county taxes and general Town taxes levied upon real property
in such Town shall be used for any Town purpose, or any combination
thereof, the discretion of which shall remain with the Town Board.