306 - Rates, fares, and charges. - New York Statutes

§ 306. Rates, fares, and charges. A railroad redevelopment corporation shall be entitled to maintain such rates, fares, and charges as will enable such corporation to have sufficient operating revenues and other income in any twelve months of its existence as a railroad redevelopment corporation to provide for the following items during that twelve-month period: (1) Operating expenses, except (a) accruals and charges for depreciation, amortization, and retirements, and (b) expenses incurred as costs of the improvement and rehabilitation program of such corporation specified in its certificate of approval; (2) Railway tax accruals; (3) Equipment and joint facility rents; (4) Miscellaneous deductions from income; (5) Rent for leased roads and equipment; (6) Interest and principal payments on equipment obligations outstanding at the time of its qualification as a railroad redevelopment corporation, and such other deductions and such other payments on its indebtedness and stock as are not prohibited by its certificate of approval; (7) Expenditures in connection with grade crossing elimination projects, including interest and principal payments on obligations incurred for such purpose before or after the time of its qualification as a railroad redevelopment corporation; (8) Expenditures for grade crossing protection; bridge construction, reconstruction, and replacement; and similar projects; (9) The amount, determined by proration if necessary, specified in such corporation's certificate of approval as required in that twelve-month period to pay the costs of such improvement and rehabilitation program; and (10) The amount of any net deficiency theretofore incurred during its existence as a railroad redevelopment corporation in the aggregate amount required to provide for items (1) through (9).