N.Y. Railroad Law § 306: Rates, fares, and charges

§ 306. Rates, fares, and charges. A railroad redevelopment corporation

shall be entitled to maintain such rates, fares, and charges as will

enable such corporation to have sufficient operating revenues and other

income in any twelve months of its existence as a railroad redevelopment

corporation to provide for the following items during that twelve-month

period:

(1) Operating expenses, except (a) accruals and charges for

depreciation, amortization, and retirements, and (b) expenses incurred

as costs of the improvement and rehabilitation program of such

corporation specified in its certificate of approval;

(2) Railway tax accruals;

(3) Equipment and joint facility rents;

(4) Miscellaneous deductions from income;

(5) Rent for leased roads and equipment;

(6) Interest and principal payments on equipment obligations

outstanding at the time of its qualification as a railroad redevelopment

corporation, and such other deductions and such other payments on its

indebtedness and stock as are not prohibited by its certificate of

approval;

(7) Expenditures in connection with grade crossing elimination

projects, including interest and principal payments on obligations

incurred for such purpose before or after the time of its qualification

as a railroad redevelopment corporation;

(8) Expenditures for grade crossing protection; bridge construction,

reconstruction, and replacement; and similar projects;

(9) The amount, determined by proration if necessary, specified in

such corporation's certificate of approval as required in that

twelve-month period to pay the costs of such improvement and

rehabilitation program; and

(10) The amount of any net deficiency theretofore incurred during its

existence as a railroad redevelopment corporation in the aggregate

amount required to provide for items (1) through (9).