Section 20-D. Alternative procedure for acquisition of certain real property, personal property and franchises of omnibus lines within cities having a population of one million or more inhabitants

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 by  acquisition  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,  rights-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. 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:
    a. The acquisition of real property, thirty years.
    b. The acquisition of omnibuses and other necessary personal property,
  five years.
    c. The acquisition of franchises, five years.
    The  provisions of this section constitute an alternative procedure to
  the procedure set forth in subdivision two of  section  twenty  of  this
  chapter  and  any  city  having  a  population  of  one  million or more
  inhabitants may proceed under the authority of this section or  of  such
  subdivision two of section twenty.