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This entry was published on 2022-02-04
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SECTION 1114-S*2
Acquisition by eminent domain
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 5-A*2
* § 1114-s. Acquisition by eminent domain. Notwithstanding any
provision of the eminent domain procedure law to the contrary, in any
proceeding brought by the authority pursuant to said law, title shall
vest in the authority and compensation shall be paid only:

1. 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

2. 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 authority
may withdraw the condemnation proceeding without prejudice or costs to
any party.

* NB There are 2 § 1114-s's