Establishes the Northport-East Northport LIPA power plant tax assessment challenge reserve fund

Establishes the Northport-East Northport LIPA power plant tax assessment challenge reserve fund to reserve against, lessen or prevent increases in the school district's real property tax levy and/or tax rate resulting from decreases in revenue or taxes or a significant shift in tax liability due to a tax certiorari settlement or judgment; defines terms; makes related provisions.