NY Rapid Trans L § 37 (2021)
2021 New York Laws RAT - Rapid Transit Article 4 - Construction and Operation by the Board of Transportation 37 - Municipal Operation; Revenue and Accounts; Operating and Other Funds.

§  37.  Municipal operation; revenue and accounts; operating and other   funds.  a. The aggregate amount of the gross receipts of moneys  derived   directly  or  indirectly from or in connection with the operation by the   city of any road shall be known as the  revenue  thereof.  Such  revenue   shall  be  derived from fares to be charged persons riding thereon; from   rates to be charged for carrying property thereon; from rentals or  fees   to  be  charged  for  concessions  or  privileges  thereon in connection   therewith; from the sale of surplus power, and any other  receipts  from   whatever source derived.b.  The  board of transportation shall establish and maintain a system   of accounts to show at all times the cost  of  the  several  classes  of   property  used  in  operation  and  the  sources  of  funds  used in the   acquisition of such property; the several classes of  operating  revenue   and   other   income;   maintenance  expenses;  interest,  amortization,   depreciation and all other charges against earnings. Such accounts shall   be kept in accordance with the uniform system of accounts prescribed for   railroads by the public service commission  or  other  duly  constituted   authority and published in the City Record.c.  The  revenue  derived  from all sources of income of any such road   shall be deposited daily by the board in the name of the city  in  banks   to  be  designated  by  the  board  of  transportation and shall be held   separate and apart from all other funds of the  city  as  the  operating   fund for the payment therefrom of the expenses of operation, maintenance   and  repairs,  and  depreciation,  interest and amortization charges. An   accurate report of all moneys  received  shall  be  made  daily  to  the   comptroller of the city, who shall have power and whose duty it shall be   to  audit  currently  all  the financial details of municipal operation,   which audit shall not preclude examination of such account by any  other   properly constituted authority. An itemized report of the result of such   municipal   operation  shall  be  filed  each  month  by  the  board  of   transportation with the mayor and the board of estimate.d. From the operating fund thus derived there shall  be  deducted  the   following  charges  in the order named and a separate accounting be made   of each:1.  Operating  expenses,  exclusive  of  maintenance,  including   all   expenses for personal service, materials and supplies used in operation.2.  Expense  of  maintenance  and repairs of structures and equipment,   which shall be the actual cost of keeping the structures  and  equipment   in  thoroughly  good order and repair, and shall include the replacement   of parts of construction and parts of equipment  units,  but  shall  not   include the renewal or replacement of any complete units of property, as   such  units  are defined and specified from time to time by the board of   transportation for renewal or replacement from the capital reserve fund.3. The amount of  interest  actually  payable  by  the  city  and  the   proportionate  annual  contributions  to  sinking fund or other funds to   amortize and retire the bonds, corporate  stock  or  other  evidence  of   indebtedness issued by the city on account of any road.4.  Contributions to a depreciation fund for replacement or renewal of   worn-out, obsolete or inadequate units of structures  or  equipment,  of   the  amount the board of transportation shall determine is the estimated   net loss of value, after maintenance has been applied, of such  complete   units  of property, with due provision for obsolescence or inadequacy of   such units.e. The deduction for expenses of operation and  maintenance  shall  be   made  currently  as  required,  and  the  deductions  for  depreciation,   interest and amortization installments shall be made after the close  of   operations  each month and shall be the monthly proportion of the annual   amount required for such purposes. f. In addition to the  principal  operating  fund  in  which  all  the   revenue shall be deposited as above provided, there shall be established   and  maintained  in  the  custody of the comptroller a separate fund and   bank account, to be designated as the capital  reserve  fund,  to  which   shall  actually  be  transferred  the  amounts  deducted from revenue on   account of interest,  amortization  and  depreciation.  Any  surplus  or   balance  which  shall  accrue  from the revenue at the end of the fiscal   year, in excess of an amount equal to the average cost of operation  and   maintenance  for  one  month during such fiscal year, shall also be paid   into such capital  reserve  fund.  Such  fund  shall  be  available  for   disbursement  in the same manner as the principal operating fund for the   following purposes in the order specified:1. Interest payable by the city on account of bonds or other evidences   of indebtedness issued, and contributions to sinking  funds  established   for the retirement thereof;2.  Amounts  necessary  for  renewals  or  replacements  on account of   depreciation and obsolescence.   Any surplus accruing in the capital reserve  fund  over  and  above  the   amounts  disbursed  for the purposes specified shall be retained in such   fund and may be expended only for the support, installation or extension   of such transportation facilities. All interest earnings  of  such  fund   shall  be added to the fund. The comptroller shall make all payments out   of the capital reserve fund, and shall report quarterly to the board  of   estimate  the  condition  of the fund, itemized as to the amount on hand   for interest, amortization of bonds or other evidences of  indebtedness,   depreciation  and  surplus,  and  shall  keep the account of the fund so   subdivided.    g. Payments or withdrawals of moneys from the operating  fund  and  the   capital  reserve  fund  shall  be made by checks drawn and signed by the   comptroller upon vouchers certified by a member or  an  officer  of  the   board  of  transportation,  duly authorized by resolution of such board,   except that payments of interest, contributions to sinking funds and  on   account  of retirement of bonds or other evidences of indebtedness shall   be made by the comptroller upon his  own  initiative  as  such  payments   become  due  and  payable,  but  a  memorandum of such payments shall be   transmitted by the comptroller to the board of transportation for  entry   in  the accounts thereof. The comptroller from time to time shall inform   the  board  of  transportation  in  writing  as  to  the  amount  to  be   periodically   deducted   from   revenue  on  account  of  interest  and   amortization requirements, and the monthly charges and vouchers for such   amounts shall be made in accordance with such devices.