§ 112-a. Certain acquisitions by eminent domain. Notwithstanding any
provision of the eminent domain procedure law to the contrary, in any
proceeding brought pursuant to such law, by any municipal corporation
located in the county of Nassau regarding the Jamaica water supply
company, title shall vest in the municipal corporation and compensation
shall be paid only (a) upon a decision by the supreme court that
compensation for the property so condemned shall be determined solely by
the income capitalization method of valuation, based on the actual net
income as allowed by the public service commission, and (b) upon such
court's determination of the amount of such compensation, based upon the
income capitalization method, entry of the final judgment, the filing of
the final decree, and the conclusion of any appeal or expiration of the
time to file an appeal related to the condemnation proceeding. Should
any court determine that a method of compensation other than the income
capitalization method be utilized, or if the proposed award is more than
the rate base of the assets taken in condemnation as utilized by the
public service commission in setting rates and as certified by the
public service commission, the municipal corporation may withdraw the
condemnation proceeding without prejudice or costs to any party.