N.Y. Rapid Transit Law 33-A – Lease by the city of railroad
§ 33-a. Lease by the city of railroad. 1. Such city may lease from any railroad corporation any railroad or steam surface railroad located wholly within one county in such city, or may lease from any railroad corporation any part of any railroad or steam surface railroad within one county in such city substantially all of the lines of which are located wholly within one county in such city, for a term not exceeding ten years, with the right of renewal not to exceed ten additional years, upon such terms and conditions as to annual compensation to be paid by such city for such lease and such other terms and conditions as the board of estimate shall deem best suited in the public interest. Payment for such lease may be made out of moneys raised by taxation or out of any proceeds arising out of the sale or lease of real property acquired by such city for rapid transit purposes.
Terms Used In N.Y. Rapid Transit Law 33-A
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. The board of estimate may by contract provide for the maintenance and operation of such leased railroad, steam surface railroad or part thereof by any railroad corporation which in the opinion of such board shall be best qualified to fulfill and carry out such contract. Such contract shall contain such terms and conditions as the board of estimate shall deem best suited in the public interest.
3. Notwithstanding any other provisions of law, such railroad corporation operating such leased railroad, steam surface railroad or part thereof shall be subject to the jurisdiction, regulatory powers and supervision of the public service commission.