2006 New York Code - 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.