Section 94-A. Tax equivalent payments of the city of Jamestown board of public utilities

Notwithstanding any law, rule  or  regulation  to  the  contrary, in addition to the amount equivalent to taxes authorized to be
  earned  and  paid  pursuant  to section ninety-four of this chapter, the
  city of Jamestown is hereby authorized in the operation of its board  of
  public  utilities  electric  utility  service  to earn and pay from such
  operation to the Jamestown city school district an amount equivalent  to
  taxes  which  said service, if privately owned, would pay to such school
  district. The terms and conditions of any such tax  equivalent  payments
  shall be determined in accordance with agreements entered into from time
  to time between such school district and such board of public utilities.