A nearly $13,000,000 increase in gas and electric rates approved by respondent in its October 7, 1977 order was in part based upon projected school and town taxes to be levied by the Town of Stony Point upon electric generating facilities owned by petitioner. On that date, petitioner had already instituted tax certiorari proceedings against the town seeking reduction in the assessment. In 1980, the sum of $895,697, covering the period from January 1, 1978 through August 31...
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