§ 1197-T — Acquisition by eminent domain

§ 1197-t. Acquisition by eminent domain. Notwithstanding any provision\nof the eminent domain procedure law to the contrary, in any proceeding\nbrought by the authority pursuant to said law, title shall vest in the\nauthority and compensation shall be paid only (a) upon a decision by the\nsupreme court that compensation for the property so condemned shall be\ndetermined solely by the income capitalization method of valuation,\nbased on the actual net income as allowed by the public service\ncommission, and (b) upon such court's determination of the amount of\nsuch compensation, based upon the income capitalization method, entry of\nthe final judgment, the filing of the final decree, and the conclusion\nof any appeal or expiration of the time to file an appeal related to the\ncondemnation proceeding. Should any court determine that a method of\ncompensation other than the income capitalization method be utilized, or\nif the proposed award is more than the rate base of the assets taken in\ncondemnation as utilized by the public service commission in setting\nrates and as certified by the public service commission, the authority\nmay withdraw the condemnation proceeding without prejudice or costs to\nany party.\n