§ 24-414 Power to purchase subways, property and contracts of such company.
AC § 24-414
The mayor, in his or her discretion, may purchase the subways constructed by such company, and the contracts and other property held or owned by it for any of the purposes of its incorporation, for and in the name of the city. The purchase price shall not exceed the actual cost of the property, with ten per cent added to such cost, as may be or may have been agreed upon between such company and the commissioner of general services. The payment therefor shall be made within four months after the delivery to the comptroller of good and sufficient and duly executed instruments of conveyance or transfer to the city, subject, however, to any valid liens outstanding thereon, not exceeding fifty per cent of the actual cost of such subways, and subject to all existing leases or contracts for the use of such subways.
