N.Y. Public Service Law § 107: Approval of the use of revenues

§ 107. Approval of the use of revenues. 1. Except with the consent and

approval of the commission first had and obtained, no public utility

shall use revenues received from the rendition of public service within

the state for any purpose other than its operating, maintenance and

depreciation expenses, the construction, extension, improvement or

maintenance of its facilities and service, the payment of its

indebtedness and interest thereon, and the payment of dividends to its

stockholders.

2. Notwithstanding subdivision one of this section, such consent and

approval requested by a telephone corporation shall be deemed granted by

the commission ninety days after the corporation applies to the

commission for such consent and approval, unless the commission, or its

designee, determines within such ninety day period that the public

interest requires the commission's review and written consent.