N.Y. Public Authorities Law § 153-c: Financial disclosure by authority prior to toll or fare increase

* § 153-c. Financial disclosure by authority prior to toll or fare

increase. 1. The ten cent toll which was in effect on December

thirty-first, nineteen hundred seventy-four pursuant to subdivision five

of section one hundred fifty-three-b of the public authorities law shall

be restored to ten cents until all of the provisions of this section

shall have been complied with.

2. Notwithstanding any inconsistent provision of this chapter or of

any other general, special or local law, the authority shall submit to

the state comptroller, not less than one hundred twenty days prior to

the proposed date of any future increase in tolls a detailed written

report setting forth: (1) the need for such increase or imposition; (2)

its receipts and disbursements, or revenues and expenses, during the

prior five fiscal years, or so much thereof as it may have been in

existence, in accordance with the categories or classifications

established by such authority for its own operating and capital outlay

purposes; (3) its assets and liabilities at the end of its last fiscal

year including the status of reserve, depreciation, special or other

funds and including the receipts and payments of these funds; (4) a

schedule of bonds and notes outstanding at the end of its fiscal year

and their redemption dates, together with a statement of the amounts

redeemed and incurred during such fiscal year; (5) information on

operations, debt service and capital construction setting forth the

estimated receipts and expenditures for the next five fiscal years; (6)

projections and estimates as to the effect which the proposed increase

or imposition will have on the future use of the facilities, and the

increased revenues which will accrue to the authority as the result of

the proposed increase or imposition; (7) such other information and data

as the comptroller may request in order to carry out the provisions of

this section. The comptroller shall have the power to waive submission,

in the detailed written report, of any records, data and information

required by this subdivision, and in lieu thereof shall have the power

to physically inspect any records, data and information required by such

subdivision.

3. The comptroller shall review any proposed increase or imposition in

tolls and the report required by subdivision two of this section and

within sixty days make public his findings, conclusions and

recommendations. The commissioner of transportation of the state of New

York or his designated representative or agent shall, at the request of

the comptroller, provide assistance to the comptroller in determining

his findings, conclusions and recommendations, as required by this

section.

4. The authority shall hold a public hearing upon any such proposed

toll increase not less than fifteen days prior to the effective date of

such increase. At least fifteen days prior to such hearing notice of

such hearing shall be given by publications at least once in each of six

daily newspapers within the state to be selected by the authority.

Copies of the proposed increase or imposition, the report required by

subdivision two of this section and the comptroller's findings,

conclusions and recommendations shall be available for public inspection

during a period of fifteen days prior to the hearing at the office or

offices of the authority and at such other places throughout the

counties of Nassau and Suffolk as it may designate. Following such

public hearing, the authority shall reconsider the proposed increase or

imposition and may rescind, change or modify the proposal as it then

deems necessary or advisable.

5. Nothing contained in this section shall require the authority to

refund any tolls collected in the period between January first, nineteen

hundred seventy-five, and the effective date of this act.

* NB (Authority abolished June 30, 1978)