N.Y. Railroad Law § 175: Percentage of gross receipts to be paid in cities or villages; report of officers

§ 175. Percentage of gross receipts to be paid in cities or villages;

report of officers. Every corporation building or operating a railroad

or branch or extension thereof, under the provisions of this article, or

of chapter two hundred and fifty-two of the laws of eighteen hundred and

eighty-four, within any city of the state having a population of twelve

hundred thousand or more, shall, for and during the first five years

after the commencement of the operation of any portion of its railroad

annually, on November first, pay into the treasury of the city in which

its road is located, to the credit of the sinking fund thereof, three

per centum of its gross receipts for and during the year ending

September thirtieth next preceding; and after the expiration of such

five years, make a like annual payment into the treasury of the city to

the credit of the same fund, of five per centum of its gross receipts.

If a street surface railroad corporation existing and operating any such

railroad in any such city on May sixth, eighteen hundred and

eighty-four, shall have thereafter extended its tracks or constructed

branches therefrom, and shall operate such branches or extensions under

the provisions of chapter two hundred and fifty-two of the laws of

eighteen hundred and eighty-four, or of this article, such corporation

shall pay such percentages only upon such portions of its gross receipts

as shall bear the same proportion to its whole gross receipts as the

length of such extension or branches shall bear to the entire length of

its line. In any other incorporated city or village the local

authorities shall have the right to require, as a condition to their

consent to the construction, operation or extension of a railroad under

the provisions of this article, the payment annually of such percentage

of gross receipts, not exceeding three per centum, into the treasury of

the city or village as they may deem proper. In case of extension the

amount to be paid shall be ascertained in the manner heretofore

provided. The corporation failing to pay such percentage of its gross

earnings shall, after November first, pay in addition thereto five per

centum a month on such percentage until paid. The president and

treasurer of any corporation required by the provisions of this article

to make a payment annually upon its gross receipts shall, on or before

November first in each year, make a verified report to the comptroller

or chief fiscal officer of the city of the gross amount of its receipts

for the year ending September thirtieth, next preceding, and the books

of such corporation shall be open to inspection and examination by such

comptroller or officer, or his duly appointed agent, for the purpose of

ascertaining the correctness of its report as to its gross receipts.

The corporate rights, privileges and franchises acquired under this

article or such chapter by any corporation, which shall fail to comply

with all the provisions of this section, shall be forfeited to the

people of the state, and upon judgment of forfeiture rendered in an

action brought in the name of the people by the attorney-general, shall

cease and determine.