Marvin Mandel, Governor                           75

or any easement, right-of-way or other interest in land which is de-
voted to a public use, and which the Commission deems necessary to
acquire, the Commission may acquire by gift, purchase, or by exer-
cise of the power of eminent domain other land or easement, right-
of-way or interest in land and convey the same to such signatory,
political subdivision or public utility for use by it in exchange for
the land, easement, right-of-way, or other interest in land thereto-
fore owned by it but needed by the Commission for purposes of this
compact.

(c)  Proceedings for condemnation by the Commission shall be
instituted and conducted in the name of the Commission as petitioner
without naming the individuals who may be such commissioners.
The power of condemnation shall be exercised in accordance with
the provisions of the state condemnation law in force in the signa-
tory state in which the property is located. If there is no applicable
state condemnation law, the power of condemnation shall be exer-
cised in accordance with the provisions of federal condemnation law.

(d)  The purchase price or amount awarded as compensation in,
any condemnation proceeding shall be paid by the Commission, and
none of the signatories shall be liable for the payment thereof.

(e)  In addition to the exercise of the power of eminent domain by
the Commission as hereinabove provided, the appropriate officials,
agencies, and political subdivisions lying within the basin, of each
signatory, having the power of eminent domain are hereby author-
ized, whenever requested by the Commission, to acquire by purchase,
condemnation, or any other means, such land or other property as
may be requested by the Commission, and upon acquisition shall con-
vey or transfer said land or other property to the Commission. Un-
less otherwise agreed upon between the parties, the Commission shall
reimburse the signatory, its agency or political subdivision for the
cost of property and such acquisition costs as may be incurred.

14.10.    Tax Exemption and Payment in Lieu of Taxes. — The
Commission, its property, functions, and activities shall be exempt
from taxation by or under the authority of any governmental agen-
cies. Nevertheless, it is the intention of this compact that, so far as
possible, local taxing authorities shall not be adversely affected by
the Commission's acquisition of taxable property, and in lieu of
property taxes the Commission shall, as to specific projects, make
payments to local taxing authorities in annual amounts which shall
equal the annual average of the taxes lawfully assessed upon the
property for five (5) years next preceding the tax year of its acqui-
sition by the Commission. The nature and amount of such payments
shall be reviewed by the Commission from time to time not more
often than once in two (2) years, upon reasonable notice and oppor-
tunity to be heard to the affected taxing authority, and the payments
may be terminated or continued in such reasonable amounts as the
Commission may determine to be necessary or desirable after taking
into account the hardships incurred and the benefits received by the
taxing authority which are attributable to the project.

14.11.    Riparian and Other Vested Rights.—Nothing in this com-
pact shall be construed to authorize a taking without just compen-
sation of any riparian or other vested right as the same may then be
recognized by applicable law.