Section 545-A. State aid; certain lands in Suffolk county

1.  State aid
  shall be payable to any tax district, as defined in subdivision five  of
  this  section when on any assessment roll the taxable assessed valuation
  in such district is reduced by a taking of previously  taxable  property
  by the state or any agency thereof.
    2.   The state aid payable to a tax district as defined in subdivision
  five of this section shall be equal to one hundred percent of the  total
  amount  of  taxes which were levied on the assessed valuation so removed
  from the assessment roll in the year immediately preceding such removal.
  Said payments shall be made for five years  immediately  succeeding  the
  effective  date  of  this  section.  In the next three succeeding years,
  state aid payable to such tax district shall be  equal  to  seventy-five
  percent,  fifty  percent  and  twenty-five percent, respectively, of the
  total amount of taxes  which  were  levied  on  the  assessed  valuation
  removed from the assessment roll for the year preceding such removal.
    3.    In  making  computations  and  determinations  pursuant  to this
  section, there shall be taken into account increases or decreases in the
  level of assessment.
    4.  The chief fiscal officer of a tax  district  which  qualifies  for
  state  aid  pursuant  to this section shall make application therefor to
  the state board.  The application shall be made on a form prescribed  by
  such  board  and  shall  contain  such  information  as  the board shall
  require.  Upon approval of the application therefor by the  board,  such
  state aid shall be paid upon audit and warrant by the state comptroller.
    5.    The  term  "tax  district"  shall mean a school district located
  within the county of Suffolk wherein real  property  was  taken  by  the
  department  of  environmental  conservation  by  deeds  recorded  on the
  sixteenth day of October and the twenty-ninth day of November,  nineteen
  hundred seventy-eight.