§ 198 — Contracts for the adjustment of payments due certain cities

§ 198. Contracts for the adjustment of payments due certain cities.\nThe board of estimate and apportionment, or if such board do not exist,\nthe local authorities which have power to make appropriation of moneys\nto be raised by taxation, in any city having a population of three\nhundred thousand or more, shall have the power in their discretion, to\nenter into a contract or contracts on behalf of the city with any\nrailroad corporation or corporations owning or operating street surface\nrailroads or other railroads in such city, for the purpose of adjusting\nany or all differences now existing between such corporation or\ncorporations and such city with respect to car license fees, percentages\nupon gross earnings, rentals and any other payments, other than taxes\nupon real and personal property, and capital stock, payable or claimed\nto be payable to the city under existing acts of the legislature,\nmunicipal ordinances, grants by, or contracts with, the municipal\nauthorities or otherwise; and any such contract may provide for the\npayment of an annual amount to be ascertained as in such contract\nprovided in lieu of any or all payments of any of the classes\nhereinbefore mentioned, other than taxes. Any such contract which shall\nbe with a corporation operating lines of railroad by lease may provide\nfor an annual payment, to be ascertained as in such contract provided,\nwhich shall be in lieu of any or all of the payments of any or all of\nsaid classes, other than taxes upon real and personal property and\ncapital stock, which would otherwise be payable in respect of the leased\nlines so long as the lease or leases thereof shall continue. The annual\npayments provided for in any contract made under the authority of this\nsection shall, so long as such contract is in force, supersede the\npayments which would otherwise be payable by the corporation or\ncorporations making such contract and in lieu of which the annual\npayments provided for in such contract are substituted. Any contract\nmade hereunder may, with the approval of the municipal authorities by\nwhom the contract was made or their successors in office, be modified\nfrom time to time by the parties thereto for the purpose of meeting\nchanged conditions. No contract shall be made or modified hereunder\nwithout the written consent and approval of the mayor and of the\ncomptroller or other chief financial officer of the city.\n