Section 1262-K. Allocation and distribution of net collections in Oswego county

Notwithstanding the contrary provisions of  subdivision  (c)  or  (d) of section twelve hundred sixty-two of this article:
    (a)  Where a city in the county of Oswego exercises its prior right to
  impose all of the  taxes  described  in  article  twenty-eight  of  this
  chapter  as  authorized by subdivision (a) of section twelve hundred ten
  or section twelve hundred eleven of this article at a rate greater  than
  one  and  one-half  percent,  and the county of Oswego also imposes such
  taxes and allocates  amounts  not  set  aside  for  county  purposes  or
  educational  purposes  to  the cities and the area in the county outside
  the cities, the county of  Oswego  shall  reduce  the  amount  otherwise
  required  to  be allocated to such city under subdivision (c) of section
  twelve hundred sixty-two of this article by one-third of such amount for
  each one-half percent that such city's tax rate exceeds one and one-half
  percent.
    (b) Where a city in the county of Oswego exercises its prior right  to
  impose  all  of  the  taxes  described  in  article twenty-eight of this
  chapter as authorized by subdivision (a) of section twelve  hundred  ten
  or  section twelve hundred eleven of this article at a rate greater than
  one and one-half percent and the county imposes such  taxes  at  a  rate
  greater  than  one and one-half percent, the county's additional rate on
  the area of the county outside such city described in subdivision (d) of
  section twelve hundred sixty-two of this article shall be deemed  to  be
  one  and  one-half  percent and the portion of net collections that such
  county would otherwise be required to allocate under subdivision (d)  of
  section  twelve  hundred  sixty-two  of  this  article by reason of such
  deemed additional rate shall be reduced by one-third for  each  one-half
  percent that such city's tax rate exceeds one and one-half percent. Such
  portion  shall be allocated quarterly to the several cities and towns in
  such area on the basis of the ratio that the population of each city  or
  town  bears  to  the entire population of all of the cities and towns in
  such area, such populations as determined in accordance with subdivision
  (c) of section twelve hundred sixty-two of this article.
    (c) Where any village in the county of Oswego has elected to  be  paid
  directly as provided in subdivision (c) or (d) of section twelve hundred
  sixty-two  of  this article, the amount to be paid to such village shall
  be determined by the ratio  that  the  population  of  such  village  or
  portion  thereof  within the town in which such village is located bears
  to the entire population of such town, such population as determined  in
  accordance with such subdivision (c).
    (d)  Subdivisions  (a)  and  (b) of this section shall apply only with
  respect to taxes imposed at a rate not to exceed three  percent  by  the
  county  of  Oswego  and by any city in such county and without regard to
  any additional rate of tax that such county or  any  such  city  may  be
  authorized to or does impose.