OCR Text |
Show THAMES RIVER COMPACT 335 control storage for approximately two and five-tenths (2.5) inches of run-off from said drainage area. article v The State of Connecticut agrees to reimburse the Commonwealth of Massachusetts forty (40) per cent of the amount of taxes lost to their political subdivisions by reason of acquisition and ownership by the United States of lands, rights or other property therein for construc- tion in the future of iany flood control dam and reservoir specified in Article IV and also for any other flood control dam and reservoir hereafter constructed by the United States in the Thames Eiver Valley in Massachusetts. Annually, not later than November first of each year, the com- mission shall determine the loss of taxes resulting to political sub- divisions of the Commonwealth of Massachusetts by reason of acquisi- tion and ownership therein <by_ the United States of lands, rights or other property in connection with each flood control dam and reservoir for which provision for tax reimbursement has been made in the paragraph next above. Such losses of taxes as determined by the commission shall be based on the tax rate then current, in each such political subdivision and on 'the average assessed valuation for a period of five years prior to the acquisition by the United States of the site of the dam for such reservoir, provided that whenever a political sub- division wherein a flood control dam and reservoir or portion thereof is located shall have made a general revaluation of property subject to the annual municipal taxes of such subdivisions, the commission may use such revaluation for the purpose of determining the amount of taxes for which reimbursement shall be made. Using the percentage of payment agreed to in this Article, the commission shall then compute the sum, if any, due from the State of Connecticut to the Common- wealth of Massachusetts and shall send a notice to the treasurer of each signatory state setting fonth in detail the sum, if any, Connecticut is to pay and Massachusetts is to receive in reimbursement of tax losses. The State of Connecticut on receipt of formal notification from the commission of the sum which it is to pay in reimbursement for tax losses shall, not later than July first of the following year, make its payment for such tax losses to the Commonwealth of Massachu- setts wherein such loss or losses occur, except that in case of the first annual payment for tax losses at any dam or reservoir such payment shall be made by the State of Connecticut not later than July first of the year in which the next regular session of its legislature is held. Payment by the State of Connecticut of its share of reimbursement for taxes in accordance with formal notification received from the commission shall be a complete and final discharge of all liability by the state to the Commonwealth of Massachusetts for each flood con- trol dam and reservoir within that state for the time specified in such formal notification. The Commonwealth of Massachusetts shall have full responsibility for distribu>tin£: or expending all such sums received and no agency or political subdivision of the Commonwealth shall have any claim against the State of Connecticut or against the com- mission relative to tax losses covered by such payments. |