§ 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.