N.Y. General Municipal Law § 112-a: Certain acquisitions by eminent domain

§ 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.