§ 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.