NY A10677

Establishes the Trustees of the Freeholders and Commonalty of the town of Southampton as a tax district under the Suffolk County Tax Act with authority to raise taxes by majority vote of the board.

Requires the Trustees to adopt an annual budget after public hearing, with fiscal year running January 1 to December 31, and submit the budget to the town clerk per town law section 104.

Grants the town board authority to levy taxes and issue bonds on behalf of the Trustees, with all tax revenue and bond proceeds paid to the Trustees and expended only with their authorization.

Establishes the Trustees as custodian of all funds including gifts and trust funds, with authority to invest funds and audit all claims before payment, except for utility costs and fixed salary payments.

Applies to fiscal years beginning January 1, 2020 or later, contingent upon adoption by the Southampton town board through local law subject to mandatory referendum.