723.1. For the purposes of the levy of school taxes for the years 2001-02 and 2002-03, Division IV.3 of Chapter XVIII of the Act respecting municipal taxation (chapter F-2.1) applies, with the necessary modifications, to the Conseil scolaire de l’île de Montréal. The Conseil is deemed to have adopted the resolution referred to in the second paragraph of section 253.27 of that Act. The school tax shall be levied in accordance with section 310. However, the standardized assessment of taxable immovables shall be established by multiplying the adjusted values resulting from the application of the said Division IV.3 by the comparative factor established for the assessment roll under section 264 of the Act respecting municipal taxation.