04
CHARLES J. CORBALLY (1966)
JOHN J. GARTLAND, JR.
ALLAN E.RAPPLEYEA
DANIEL f. CURTIN *
fRED W. SCHAEffER
JON HOLDEN ADAMS
MICHAEL G. GARTLAND
VINCENT L. DEBIASE
PAUL O. SULLIVAN *
MILTON M. HAVEN
JOSEPH f. HAWKINS
COUNSEL
f MEMBER N. Y. AND FLORIDA BAR
CORBALLY, GARTLAND AND RAPPLEYEA
~e ana OlDUnStLrfe at ~
BARDAVON BUILDING
POUGHKEEPSIE, NEW YORK 12601
914'454-1110
FLORIDA OFFICE:
50 SOUTH BELCHER ROAD
BUILDING E. SUITE 122
CLEARWATER, fLORIDA 335/5
813-461'3144
35 MARKET STREET
The Hon. Frank Versace
Town Councilman
Town Hall
Mill Street
Wappinger Falls, New York 12590
Dear Frank:
BRANCH OFfICE:
BANK Of MILLBROOK BUILDING
FRANKLIN AVE.
MILLBROOK, NEW YORK 12545
914-677'5539
June 1, 1981
RECE'V;:O
JUN 2 1981
ELAINE H. SNOWDEN
You have asked me to identify what would occur in the event
the town decided to dissolve an improvement district.
There are two circumstances in which dissolution might take
place. The first would be the sale of all the property and
facilities of the district. Such sale would be subject to
referendum and if such sale were approved, the monies received
from the sale would have to be set aside as a reserve fund and
used to amortize any outstanding debts. Any excess over those
amounts necessary to retire the indebtedness of the district
together with any other assets of the corporation would have to
be disposed of to the credit of real property within the district
by any equitable method approved by referendum (Town Law S198,
subd. l2(d)). A water supply or sewer district could also be
dissolved upon petition if there is no indebtedness outstanding
and unpaid if the petition were signed by resident owners of
taxable property aggregating at least one-half of all the taxable
real property in the district. However, under the provisions
applicable here, upon dissolution, all property of the district
becomes the property of the town (Town Law' S202-C, Subd. 1).
If you have any further questions with respect to this,
I will be happy to review them with you.
Very truly yours,
C C T I t&\ l~~'" ;,J
JHA/lh
cc: Town Board
CORBALLY', GARTLAND & RArPLE'lEA
Jon Holden Adams: