§ 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.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.