§ 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.