N.Y. Village Law § 18-1802: Taxes to pay interest and principal of town highway bonds

§ 18-1802 Taxes to pay interest and principal of town highway bonds.

The board of trustees of a village which has had or may hereafter have

its boundaries extended when authorized by a majority vote of the

electors thereof at a referendum duly called therein, in behalf of said

village, may by contract with the town or towns in which said village

lies agree to assume and pay that part of the town taxes to be levied in

future years by such town or towns to pay principal and interest of

obligations sold to improve and pave highways in said town or towns

which taxes will, when levied, become a lien upon property in territory

annexed to said village, and to the extent contracted for, the said

taxes shall be collectible by the town or towns from said village and

become a general village charge, and when said village shall have paid

such part of said town taxes the property in the annexed territory

subject to such levy shall be relieved from paying the part thereof paid

by said village.