N.Y. Rapid Trans. Law § 33 Acquisition of Railroads Or Interests Therein

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Rapid Trans. Law § 33

a. The board of transportation, with the approval of the bo...

b. Unless all the consents to the construction and operation of any such railroad so purchased required by article three, section seventeen, of the constitution shall have been obtained prior to such purchase, the board of transportation shall proceed to secure such consents as required by section twenty-one of this chapter. As soon as such consents shall have been obtained, the board of transportation for and on behalf of the city, with the approval of the board of estimate and the mayor, may enter into a contract with any person for the equipment, in whole or in part, at the cost and expense of such person, and for the maintenance and operation of any such railroad so purchased, either alone or in conjunction with other railroads then owned or thereafter constructed or acquired by such city, for a term of years to be specified in the contract, not to exceed twenty-five years. Such contract may contain a covenant for one renewal of not to exceed twenty-five years, unless the purchase price or some part thereof is to be paid out of the revenues as provided in subdivision a of this section, in which event such contract may be for a longer period than twenty-five years but shall provide for its termination by such city, at its option, on one year's notice given at any time or after the expiration of any specified period not exceeding ten years, upon the payment by or for such city of the amount of any balance of such purchase price then remaining unpaid and the unamortized portion of the cost and expense of any equipment constructed or provided at the cost of such person after the date of such contract. Any such contract providing for the payment of the purchase price of any such railroad or equipment wholly or in part out of the revenues shall provide for the application of revenues derived from the use or operation of the railroads included therein and the order of priority of such application. Such contract shall provide for the payment out of such revenues of current annual interest charges at a rate of not exceeding six per cent per annum, and current annual amortization charges at a rate to be specified, on the amount of the balance of the purchase price remaining unpaid, of such railroad or equipment so purchased by such city, and on the actual cost of any equipment, constructed or provided by such person after the date of such contract. Every such contract shall contain such terms and conditions as to the rates of fares to be charged and the character of services to be furnished and the rental to be paid, or the terms upon which such railroads are to be opera...