The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1905-03-01

/ and conveyance by the Morris Canal
and Banking company TO the Lehigh
Valley Railroad company. or to any Of
lis constituent companies, or to its
nominee of any portion Of the property
available for It's or their purposes, at a
valuation satisfactory TO the commits
sioners. The commissioners shall join in
all conyeyanees of the property sold. and
their deed shall constitute d conveyance
and release of the stafe's right to take,
an interest in, the sad property resery-
ed by the state in the charter Of the
Morris Canal and Banking company.
The present worth Of the states inter
est in the canal and its appurtenances
in the year 1914 shall be ascertained as
follows: The total Of the prices receivz
ed for the lands and water rights sold
aud conveyed with the approval Of the
commissioners as hereinbefore author
lied shall be deemed to be the value of
the canal and its appurtenances in the
year 1874, and the present worth of
that value shall be such a sum Of money
as compounded at the rate of four per
cent per annum from the date of the
passage of this act TO the thirty first day
of December, 1914 viii produce said
total value, and said present worth shall,
within six months after the acceptance
of this act, be paid by the Lehigh Val
lay Railroad company to the state Of
New Jersey.
"Five-Whenever contract Of sale
Of any portion Of the property Of tile
Morris Canal andI Banking Company
shah be made under the provisions of
this act to any municipal corporation,
or TO any county, or to any corporation
having power to condemn property for
public use, the purchaser may condemn
the reversionary and other private
rights in the property 50 purchased by
them for any public use for which they
may be authorized by law to take prop
erty, and in all such cases the valua-
tion to be paid to the owner shall be
fhe value Of said property, subject to
continued use for canal purposes. to the
extent now authorized by law. together
with the damages arising out Of the
change from the use for caiial purposes
to the public use for which the same
shall be taken by the purchasers; said
condemnation proceedings may be taken
before grant Of the said property has
been made under this act BY the Morris
Canal and Banking Company and if
taken before such grant it shall be COM
petent, in any such condemnation. TO
make the Lehigll Valley Railroad Com
pany and the Morris Canal and Bank
ing Company parties to such condemns
tion, and to submit to the commissioners
the question of the value Of all interests
in said property, including the interest
therein Of said companies and of the
State, and the award shall be appor-
toned by the chancellor among the par
ties entitled thereto; the interests ac-
quired by such condemnation before
grant from the Morris Canal and Bank
ing Company. and the Lehigh Valley
Railroad Company shall be subject to
the restrictions. covenants and condi-
tions prescribed in the said contract of
sale preceding the. same.
If, in any such case Of condemna-
ton, it shall be determined that the rule
of valuation in this act prescribed in
vades the constitutional right of com
pensation of any private owner. the
measure of compensation shall be modi-
fed accordingly. and the residue of the
act shall not fail.
'six-the new public uses 10 which
such property, Or any part thereof, may
be 50 devoted shall be one Or more of
the following uses: Public streets Of
roads, parks, railroads, street railways,
electric roads sewers. public wafer
supplies, telegraph and telephone and
other electric lines, and gas or water
pipe lines.
Where by legislative authority the
canal was constructed through, upon or
along any street, road Or highway, ana
any part or parts of the canal so To-
Gated and constructed shall be sold as
herein provided, to county Oh IS
municipal or other corporation having
power to condemn property for public
use and the same is purchased to be
devoted to public use. the sale may.
with the assent Of the said commits
sioners. be made with the provision, that
the land occ .pied by The canal in sncl,
streets roads or nnhlio l;.gl,x,o.,a