N.Y. Railroad Law § 198: Contracts for the adjustment of payments due certain cities

§ 198. Contracts for the adjustment of payments due certain cities.

The board of estimate and apportionment, or if such board do not exist,

the local authorities which have power to make appropriation of moneys

to be raised by taxation, in any city having a population of three

hundred thousand or more, shall have the power in their discretion, to

enter into a contract or contracts on behalf of the city with any

railroad corporation or corporations owning or operating street surface

railroads or other railroads in such city, for the purpose of adjusting

any or all differences now existing between such corporation or

corporations and such city with respect to car license fees, percentages

upon gross earnings, rentals and any other payments, other than taxes

upon real and personal property, and capital stock, payable or claimed

to be payable to the city under existing acts of the legislature,

municipal ordinances, grants by, or contracts with, the municipal

authorities or otherwise; and any such contract may provide for the

payment of an annual amount to be ascertained as in such contract

provided in lieu of any or all payments of any of the classes

hereinbefore mentioned, other than taxes. Any such contract which shall

be with a corporation operating lines of railroad by lease may provide

for an annual payment, to be ascertained as in such contract provided,

which shall be in lieu of any or all of the payments of any or all of

said classes, other than taxes upon real and personal property and

capital stock, which would otherwise be payable in respect of the leased

lines so long as the lease or leases thereof shall continue. The annual

payments provided for in any contract made under the authority of this

section shall, so long as such contract is in force, supersede the

payments which would otherwise be payable by the corporation or

corporations making such contract and in lieu of which the annual

payments provided for in such contract are substituted. Any contract

made hereunder may, with the approval of the municipal authorities by

whom the contract was made or their successors in office, be modified

from time to time by the parties thereto for the purpose of meeting

changed conditions. No contract shall be made or modified hereunder

without the written consent and approval of the mayor and of the

comptroller or other chief financial officer of the city.