The purpose of this article is to enable the
town to enter into a contract with a banking institution pursuant
to which such bank will issue a Town of North Hempstead affinity credit
card.
A contract with a banking institution for an
affinity credit card authorized by this article may provide for either
or both of royalty payments or other types of payments to be made
to the town by such banking institution and tax credit payments to
be made to the town, representing credits earned by cardholders through
purchases with the affinity credit card. Any such tax credit payments
shall be applied by the town so as to reduce the amount of town general
fund property tax owed by cardholders responsible for paying such
tax on real property in the town. Crediting of such tax credit payments
shall be done in a manner which complies with the Real Property Tax
Law and which avoids any inconsistencies between tax bills sent by
the town and the tax warrant and general tax roll issued by Nassau
County.