§ 1210-B. Sales and compensating use tax within Suffolk county for
purposes of stabilizing property taxes and either paying certain
judgments, compromises or settlements or paying debt service on
obligations of said county issued to pay said judgments, compromises or
settlements. (a) In addition to the taxes imposed by section twelve
hundred ten or any other provision of this article, the county of
Suffolk is hereby authorized and empowered to adopt and amend a local
law, ordinance or resolution imposing within the territorial limits of
said county an additional sales and compensating use tax at the rate of
one-quarter of one percent for the period beginning December first,
nineteen hundred ninety-seven and ending November thirtieth, two
thousand seventeen, which tax shall be identical to the tax imposed by
said county pursuant to section twelve hundred ten of this article.
Except as hereinafter provided, all provisions of this article,
including the definition and exemption provisions and the provisions
relating to the administration, collection and distribution by the
commissioner, shall apply for purposes of the tax imposed by this
section in the same manner and with the same force and effect as if the
language of this article had been incorporated in full in this section
and had expressly referred to the tax imposed by this section; provided,
however, that any provision relating to a maximum rate shall be
calculated without reference to the additional sales and compensating
use tax herein authorized. For purposes of part IV of article
twenty-nine of this chapter, relating to the disposition of revenues
resulting from taxes collected and administered by the commissioner, the
additional sales and compensating use tax herein provided shall be
deemed to be imposed under the authority of section twelve hundred ten
of this article and all provisions relating to the deposit,
administration and disposition of taxes, penalties and interest relating
to a tax imposed by a county under the authority of section twelve
hundred ten of this article shall, except as otherwise specifically
provided in this section, apply to the additional sales and compensating
use tax imposed pursuant to this section.

(b) Notwithstanding any other provision of this article to the
contrary, the net collections from the tax imposed pursuant to
subdivision (a) of this section shall be deposited in a special fund, to
be designated as the LILCO tax certiorari payment and securitization
fund to be created by said county therefor separate and apart from any
other funds and accounts of the county. Moneys in such fund shall be
deposited and secured in the manner provided by section ten of the
general municipal law. Pending expenditure from such fund, moneys
therein may be invested in the manner provided in section eleven of the
general municipal law. Any interest earned or capital gain realized on
the moneys so deposited or invested shall accrue to and become part of
such fund. Moneys in said fund may be appropriated from and transferred
to or expended in any fiscal year only for the purpose of either paying
a tax certiorari judgment, or compromise or settlement thereof, payable
by said county in a proceeding entitled In the Matter of the Application
of LONG ISLAND LIGHTING COMPANY, Petitioner, and LONG ISLAND POWER
AUTHORITY, Intervenor-Petitioner against THE ASSESSOR AND THE BOARD OF
ASSESSMENT REVIEW FOR THE TOWN OF BROOKHAVEN, Respondents, and THE
SHOREHAM-WADING RIVER CENTRAL SCHOOL DISTRICT AND THE COUNTY OF SUFFOLK,
Intervenors-Respondents, for Review of the Tax Assessments Under Article
7 of the Real Property Tax Law for the 1984-85, 1985-86, 1986-87,
1987-88, 1988-89, 1989-90, 1990-91, and 1991-92 Tax Years (the "LILCO
phase 2 judgement"), paying any other tax certiorari judgment against or
compromise or settlement of a tax certiorari claim or proceeding by said
county resulting from proceedings commenced by the Long Island lighting
company or any successor in interest, paying a judgment against or
compromise or settlement resulting from a proceeding entitled LONG
ISLAND POWER AUTHORITY and LONG ISLAND LIGHTING COMPANY, against
SHOREHAM-WADING RIVER CENTRAL SCHOOL DISTRICT, COUNTY OF SUFFOLK, TOWN
OF BROOKHAVEN, SHOREHAM WADING RIVER PUBLIC LIBRARY DISTRICT, WADING
RIVER FIRE DISTRICT, WADING RIVER LIGHTING DISTRICT (the "the "PILOT
payment judgment"), or paying the principal, interest and premium, if
any, on bonds or bond anticipation notes hereinafter issued by the
county of Suffolk to pay any such LILCO phase 2 judgment, PILOT payment
judgment or compromise or settlement thereof, or any other tax
certiorari judgment against or compromise or settlement of a tax
certiorari claim or proceeding by said county resulting from proceedings
commenced by the Long Island lighting company or any successor in
interest.

(c) At the end of the last day of the sales tax quarter in which
Suffolk county shall have either paid or provided for the payment of all
such judgments or compromises or settlements in full or paid or provided
for the payment of the principal, interest and premium, if any, on all
bonds or bond anticipation notes issued by said county to pay such
judgments or compromises or settlements, the authorization granted in
subdivision (a) of this section shall expire. Despite such expiration,
the provisions of this section and any regulations promulgated
thereunder, including the provisions with respect to assessment,
payment, termination, collection and refund of such taxes, the
requirements for filing returns, preservation of records and disposition
of revenue shall continue in full force and effect with respect to all
such taxes accrued up to the effective date of such expiration.