Subject to the constitution and general laws of this state, every city is empowered:
Notwithstanding any other provision of law, general, special or local, cities with a population of one million or more inhabitants shall have the additional power to acquire any property and the franchises of any person, firm or corporation situated within such city, used and usable in the operation of omnibus lines which are entirely within and do not extend beyond the boundaries of such city, the immediate acquisition of which property and franchises is determined by the board of estimate or other appropriate governing body of such city to be necessary to serve the public convenience through the provision of adequate omnibus transportation, notwithstanding the fact that such property and franchises were or are devoted to a public use. The term "property" as used in this subdivision is defined to include lands, waters, rights in lands or waters, structures, franchises and interests in land, including lands under water and riparian rights, and any and all other things and rights usually included within the said term and includes also any and all interests in such property less than full title, such as easements permanent or temporary, right-of-way, uses, leases, licenses and all other incorporeal hereditaments and every estate, interest or right legal or equitable, and omnibuses, rolling stock and any other form of real or personal property. Acquisition of such property shall be in accordance with the provisions of the eminent domain procedure law.
Notwithstanding the provisions of any general, special or local law to the contrary, such city may authorize, issue and sell obligations, pursuant to the local finance law, to pay for the cost of any acquisition or acquisitions of such property used and usable in the operation of omnibus lines provided, however, that no such obligations shall be authorized, issued, sold or refunded after September thirtieth, nineteen hundred sixty-three, except, however, that such obligations may be authorized, issued, sold or refunded by such city pursuant to such law after such date, to pay for the cost of any acquisition or acquisitions of such property, title to which vested in such city prior to July first, nineteen hundred sixty-two. The maximum period of probable usefulness for each such object or purpose for which obligations may be issued hereunder is hereby determined to be as follows:
Notwithstanding any general, special or local law to the contrary, the city of New York is hereby required to acquire by condemnation, and to maintain and operate, all or part of the plants, properties, mains, pipes, facilities, easements, franchises and other real or personal property of the Jamaica Water Supply Company constituting or related to the water distribution system located in the city of New York, notwithstanding the fact that such property or part thereof was or is devoted to a public use. Notwithstanding any general, special or local law to the contrary, title to the property condemned under the preceding sentence shall vest in the city of New York and compensation shall be paid only (a) upon a decision by the supreme court that compensation for the property so condemned shall be determined solely by the income capitalization method of valuation, based on the actual net income as allowed by the public service commission, and (b) upon such court's determination of the amount of such compensation, based upon the income capitalization method, entry of the final judgment, the filing of the final decree, and the conclusion of any appeal or expiration of the time to file an appeal related to the condemnation proceeding. Should any court determine that a method of compensation other than the income capitalization method be utilized, or if the proposed award is more than the rate base of the assets taken in condemnation as utilized by the public service commission in setting rates and as certified by the public service commission, the city of New York may withdraw the condemnation proceeding without prejudice or costs to any party.
Whenever such a traffic agency shall be created as in this subdivision provided it shall, notwithstanding any other provision of law, possess exclusive power and authority within such city to (a) regulate, direct, restrict and otherwise to control the movement of vehicular and pedestrian traffic, but not inconsistent with the provisions of the vehicle and traffic law in relation thereto, (b) limit the carrying capacity of vehicles used in the business of carrying passengers for hire, except omnibuses operated pursuant to certificates of public convenience and necessity issued by commissioner of transportation, (c) determine the location of garages, parking lots and parking meters, (d) determine the design, type, size, method of erection, installation, removal, maintenance, operation and location of any and all signs, signals, markings, and similar devices for guiding, directing or otherwise regulating and controlling such traffic and, with the approval of the local governing board, may relinquish for transfer and assignment to any other agency of the city government part or all of one or more such powers and duties, and (e) make rules and regulations for the conduct of vehicular and pedestrian traffic in the use of the public streets, squares and avenues as such board, commission or department may deem necessary. Such rules and regulations shall be filed with the city clerk and shall become effective when published in a paper published by the city or, if no paper be published by such city, in not less than three newspapers having a general daily circulation in such city, except that in a city having a population of not more than thirty thousand, such rules and regulations shall be published in one newspaper published or having a general circulation in such city. The violation of any provision of any such rule or regulation shall be triable by a city magistrate and punishable by imprisonment of not more than thirty days or by a fine of not more than fifty dollars or both.
Nothing in this subdivision contained shall affect or impair the powers or duties of the city planning commission or of any analogous agency of city government to determine the location of garages and parking lots or affect the power or duty imposed on the police department or other analogous agency to regulate hacks, taxicabs and taxi drivers pursuant to the provisions of any city charter, local law or ordinance and any such power and duty shall continue to be exercised and performed under the jurisdiction and control of such department or agency.
Upon the adoption of a resolution creating such a traffic agency, and except as in this subdivision otherwise provided, all of the functions, powers and duties vested in such traffic agency which theretofore were exercised and performed by any other agency of the city government of such city, together with all records, property and equipment used in the exercise and performance of such functions, powers or duties shall, on the date fixed in such resolution, pass to and be in addition to the functions, powers and duties vested in such traffic agency by this subdivision.
After two years from the date of the record of such deed, the presumption shall be conclusive, unless at the time that such local law takes effect the two year period since the record of the deed has expired or less than six months of such period of two years remains unexpired, in which case the presumption shall become conclusive six months after such local law takes effect. No action to set aside such deed may be maintained unless the action is commenced and a note of pendency of the action is filed in the office of the proper county clerk prior to the time that the presumption becomes conclusive as aforesaid.
N.Y. Gen. City Law § 20