§ 112-A — Certain acquisitions by eminent domain

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