N.Y. Railroad Law § 300: Legislative policy and purposes

§ 300. Legislative policy and purposes. It is hereby declared to be

the policy of the state to encourage and bring about the rehabilitation,

improvement, and continued operation by private enterprise of the

facilities of any domestic railroad corporation which now or hereafter

is a debtor in proceedings under the bankruptcy laws of the United

States and which in the calendar year preceding the institution of such

proceedings had passenger miles within the state of five hundred million

or more, and to encourage and bring about the rehabilitation of such

corporations in order to enable them, with private capital and under

private management, to furnish safe, efficient, and adequate

transportation service to the people of the state; and it is hereby

further found and declared that the rehabilitation and continued

operation of such corporations by private enterprise and enabling such

bankruptcy proceedings to be terminated are matters of public concern;

that it is necessary to create, with adequate safeguards, inducements

and opportunities for the employment of private investment in such

rehabilitation and continued operation; that a railroad redevelopment

corporation qualifying hereunder serves a public purpose; that provision

must be made for the granting of partial tax exemption to such

corporations; that the commissioner of transportation and any other

state agency empowered to act under section three hundred three are

hereby declared to be the agencies and instrumentalities of the state to

carry out the policy and purposes herein recited; and the necessity in

the public interest for the provisions of this article is hereby

declared as a matter of legislative determination.