NY RR L § 303 (2021)
2021 New York Laws RRD - Railroad Article 7 - Railroad Redevelopment Corporations 303 - Certificate of Approval.

§  303. Certificate of approval. 1. The commissioner of transportation and other state agency, if any be authorized by law to do so, shall give a certificate of approval of the qualification of a railroad corporation as a railroad redevelopment corporation  if,  in  the  judgment  of  the commissioner of transportation and such other agency, such qualification will carry out the policy and purposes of section three hundred.   2. The certificate of approval shall set forth:  (A)  The  program  for  the  improvement  and  rehabilitation  of  the facilities of such corporation which  is  necessary  and  reasonable  in order to carry out the policy and purposes of section three hundred;  (B)  An  estimate  of  the  aggregate  amount  of  funds which will be required  in  order  to  pay  the  costs   of   such   improvement   and rehabilitation   program.   The  term  "costs  of  the  improvement  and rehabilitation program," when used in this article,  shall  include  the interest  and  principal  payments  on any obligations incurred for such purpose;  (C) The amount of working cash which such corporation is  entitled  to have  as  a minimum throughout its existence as a railroad redevelopment corporation; and an estimate of the amount of funds,  if  any,  of  such corporation  which,  upon  its qualification as a railroad redevelopment corporation, and after provision for such amount of working cash and for the payment of such obligations of the  debtor  or  of  its  trustee  or trustees  as shall be specified in the certificate, will be available to pay the costs of such improvement  and  rehabilitation  program,  or  if there be a deficiency in such funds, an estimate of the amount thereof;  (D)  The  amount  of  funds  which  will  be  made  available  to such corporation by its stockholders and the additional amount  estimated  to become  available from other private investors in order to pay the costs of such improvement and rehabilitation program;  (E) The amount of funds which such corporation will require  from  its operating  revenues  and other income in each year of its existence as a railroad redevelopment corporation in order to pay  the  costs  of  such improvement  and  rehabilitation  program, which yearly amounts shall be prorated for any other period;  (F) The limitations, during the period of its existence as a  railroad redevelopment  corporation, upon the payment of interest or principal on the bonds or other indebtedness of such corporation consented to by  the bondholders  or  other  creditors  affected thereby and the limitations, during such period, upon the payment of dividends on the  capital  stock of such corporation, which are necessary and reasonable to carry out the policy and purposes of section three hundred;  (G)   The  passenger  fares  and  charges  (and  the  classifications, regulations, and  practices  pertaining  thereto)  of  such  corporation reasonably  required  when  it  qualifies  as  a  railroad redevelopment corporation in order to enable it to have sufficient operating  revenues and  other  income  to  provide  for items (1) through (9) enumerated in section three hundred six; and  (H) Provisions that such corporation shall:  (1) apply, as soon as practicable,  (a) the amounts by which  its  operating  revenues  and  other  income during   the  period  of  its  existence  as  a  railroad  redevelopment corporation shall exceed the sums required during such period to provide for items (1) through (8) enumerated in section three hundred six,  plus or minus, as the case may be,  (b)  the  amount  of  available  funds,  or of the deficiency therein, determined pursuant to paragraph (C) of subdivision two, plus  (c)  the  amounts  received  by  such  corporation  from  the  sources specified in paragraph (D) of subdivision two,  only  to  maintain  the  amount  of  working cash determined pursuant to paragraph (C) of subdivision two and to the payment of the costs of such improvement and rehabilitation program; and if  the  aggregate  of  said items  (a),  (b) and (c) shall be more than sufficient for that purpose, to the payment of the costs of such further additions and betterments of such corporation's facilities as it may be permitted or directed to make by order of the commissioner of transportation;  (2)  upon the termination of its existence as a railroad redevelopment corporation, set aside any of  the  foregoing  amounts  not  so  applied during such period in a separate fund to be used only for such purposes; and  (3)  in  the  event  it  shall  sell any of its capital assets, apply, subject to the provisions of any mortgage or deed of trust covering such property, the  proceeds  thereof  received  during  the  period  of  its existence as a railroad redevelopment corporation, at its option, either to  the  payment  of  the  costs  of such improvement and rehabilitation program or of other additions or betterments of its facilities.   3. The certificate  of  approval  shall  be  effective  only  if  such corporation  has  agreed  in  writing  to  comply  with  the  terms  and conditions of such certificate.   4. The provisions of  the  certificate  of  approval  referred  to  in paragraphs (A) through (E) of subdivision two may be amended at any time by  the  commissioner  of  transportation,  but only with the consent in writing of said corporation, so as to reflect the effects of changes  in the  estimates  of  costs  and  available funds specified therein, or to permit changes in the improvement and rehabilitation program.  The  term "certificate  of  approval,"  when  used in this article, shall mean the certificate of approval as it may be amended from time to time.   5.  The  passenger  fares  and  charges  (and   the   classifications, regulations,   and   practices  pertaining  thereto)  specified  in  the certificate of approval pursuant to paragraph  (G)  of  subdivision  two shall be incorporated in tariff schedules filed with the commissioner of transportation  to  become effective upon the day specified therein, not earlier than the day after such qualification, and shall not be  subject to suspension or alteration by the commissioner of transportation except pursuant to section three hundred eight.   6.  Nothing  in  this  article  shall  be  construed as requiring such corporation to apply to such improvement and rehabilitation program  any amounts in excess of, or to carry out such program to any greater extent than permitted by, the aggregate of the items enumerated in subparagraph (1) of paragraph (H) of subdivision two.