Section 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.