§ 1262-d. Allocation and distribution of revenues from sales and use
taxes to villages within the county of Albany. Notwithstanding any other
provision of this chapter to the contrary, the net collections from a
tax imposed by Albany county pursuant to this article set aside for
allocation and distribution to the towns and villages therein shall be
distributed between such towns and villages where any such village has
elected or hereafter elects to take its share in cash, directly in
proportion to their respective populations determined in accordance with
the latest decennial federal census or special population census taken
pursuant to section twenty of the general municipal law completed and
published prior to the end of the quarter for which the allocation is
made, which special census must include the entire area of the county,
except that in the towns of Colonie and Coeymans, the amount to be paid
to each village therein shall be determined by the ratio that the full
valuation of real property in each such village within said town bears
to the full valuation of real property in the entire town as set forth
in subdivision (c) of section twelve hundred sixty-two of this chapter;
provided, however, that commencing with the July, nineteen hundred
eighty-one quarterly distribution, one-eighth of the amount of such net
collections allocated to the town of Colonie and each successive quarter
thereafter, cumulatively, an additional one-eighth part of each such
quarterly town allocation shall be distributed between such village or
villages and the town of Colonie in proportion to their respective full
valuations of real property, with the remainder of each such town
quarterly allocation through and including that distributable in
January, nineteen hundred eighty-three, being an evenly declining
portion of each such quarterly allocation, to be distributed in
proportion to population as hereinbefore set forth for the remainder of
Albany county, so that the April, nineteen hundred eighty-three
quarterly allocation to the town of Colonie and those allocations
thereafter received shall be divided between said town and the villages
therein solely in proportion to their respective full valuations of real
property as provided herein.