§ 198. Contracts for the adjustment of payments due certain cities.
The board of estimate and apportionment, or if such board do not exist,
the local authorities which have power to make appropriation of moneys
to be raised by taxation, in any city having a population of three
hundred thousand or more, shall have the power in their discretion, to
enter into a contract or contracts on behalf of the city with any
railroad corporation or corporations owning or operating street surface
railroads or other railroads in such city, for the purpose of adjusting
any or all differences now existing between such corporation or
corporations and such city with respect to car license fees, percentages
upon gross earnings, rentals and any other payments, other than taxes
upon real and personal property, and capital stock, payable or claimed
to be payable to the city under existing acts of the legislature,
municipal ordinances, grants by, or contracts with, the municipal
authorities or otherwise; and any such contract may provide for the
payment of an annual amount to be ascertained as in such contract
provided in lieu of any or all payments of any of the classes
hereinbefore mentioned, other than taxes. Any such contract which shall
be with a corporation operating lines of railroad by lease may provide
for an annual payment, to be ascertained as in such contract provided,
which shall be in lieu of any or all of the payments of any or all of
said classes, other than taxes upon real and personal property and
capital stock, which would otherwise be payable in respect of the leased
lines so long as the lease or leases thereof shall continue. The annual
payments provided for in any contract made under the authority of this
section shall, so long as such contract is in force, supersede the
payments which would otherwise be payable by the corporation or
corporations making such contract and in lieu of which the annual
payments provided for in such contract are substituted. Any contract
made hereunder may, with the approval of the municipal authorities by
whom the contract was made or their successors in office, be modified
from time to time by the parties thereto for the purpose of meeting
changed conditions. No contract shall be made or modified hereunder
without the written consent and approval of the mayor and of the
comptroller or other chief financial officer of the city.