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.

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.