Section 1262-L*2. Allocation and distribution of certain net collections in Warren county

(a) If the county of  Warren  enters  into  an  agreement  pursuant  to  the authority of subdivision (c) of section twelve hundred
  sixty-two of this article with the city of Glens Falls to  allocate  and
  distribute  a  portion  of net collections due the county from its taxes
  imposed pursuant to the authority of subdivision (a) of  section  twelve
  hundred  ten  of  this  article,  the  agreement  may  be for a term not
  exceeding forty years and the state  comptroller  shall  not  disapprove
  such  agreement based on the length of its term, provided that such term
  shall not exceed forty years.
    (b) Notwithstanding any contrary provision of this article or  of  any
  agreement  between  the  city  of  Glens  Falls and the county of Warren
  pursuant to the authority of subdivision (c) of section  twelve  hundred
  sixty-two  of  this  article, if at any time the board of supervisors of
  Warren county shall pledge all or a  portion  of  net  collections  from
  sales  and compensating use taxes imposed by such county as described in
  section twelve hundred sixty-one-a of this article,  any  obligation  of
  the  county  of Warren to allocate and distribute net collections to the
  city of Glens Falls under any such agreement between such city and  such
  county  shall  be  satisfied  if  the  amounts  due such city under such
  agreement are instead paid by such county from moneys returned  to  such
  county  each  month  by  the  Warren  and  Washington  county industrial
  development agency or trustee, as the case may be, as provided  in  such
  section  twelve  hundred  sixty-one-a;  or,  in the event such moneys so
  returned to such county are insufficient in  any  month  to  allow  such
  county  to  pay  to such city the amounts required under such agreement,
  such county shall make such payments to such city in the amounts and  in
  the manner set forth in such agreement.
    * NB There are 2 § 1262-l's