OCR Text |
Show MERRIMACK RIVER COMPACT 205 approximately sixty-four square miles; and providing flood control storage for approximately six inches of run-off over both said drainage areas; and (2) near Loudon on the Soucook river, controlling a drain- age area of approximately seventy-seven square miles and providing flood control storage for approximately six inches of run-off over said drainage area. article v The Commonwealth of Massachusetts agrees to reimburse the State of New Hampshire seventy per cent of the amount of taxes lost to its political subdivisions by reason of acquisition and ownership by the United States of lands, rights 'or other property therein for the flood control dams and reservoirs at Franklin Falls, Blackwater and West Peterboro and for construction in the future of any 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 Merrimack river valley. Annually, not later than November first of each year the commis- sion shall determine the loss of taxes resulting to political subdivisions of the State of New Hampshire by reason of acquisition and ownership therein by the United States of lands, rights or other property in connection with each flood control dam and reservoir for which pro- vision for tax reimbursement has been made in the preceding para- graph. 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 such property; provided, that whenever a political subdivision 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 subdivision, the commission may use such revaluation for the purpose of determining the amount of taxes for which reimbursement shall be made in the paragraph next above. Using the percentage of pay- ment agreed to in said paragraph, the commission shall then compute the sum, if any, due from the Commonwealth of Massachusetts to the State of New Hampshire and shall send notice to the treasurer of the Commonwealth of Massachusetts setting forth in detail the sums, if any, to be paid to the State of New Hampshire in reimburse- ment of tax losses. The Commonwealth of Massachusetts on receipt of formal notifi- cation from the commission of the sum which it is to pay in reimburse- ment for tax losses shall, not later than July first of the following year, make its payment for such tax losses to the State of New Hamp- shire, except that in case of the first annual payment for tax losses at any dam or reservoir such payment shall be made by the Common- wealth of Massachusetts not later than July first of the year in which the next regular session of its legislature is held. Payment by the Commonwealth of Massachusetts of its share of reimbursement for taxes in accordance with formal notification re- ceived from the commission shall be a complete and final discharge of all liability of the Commonwealth of Massachusetts to the State of New Hampshire for each flood control dam and reservoir within the State of New Hampshire for the time specified in such formal notifi- |