§ 153-C — Financial disclosure by authority prior to toll or fare increase

* § 153-c. Financial disclosure by authority prior to toll or fare\nincrease. 1. The ten cent toll which was in effect on December\nthirty-first, nineteen hundred seventy-four pursuant to subdivision five\nof section one hundred fifty-three-b of the public authorities law shall\nbe restored to ten cents until all of the provisions of this section\nshall have been complied with.\n 2. Notwithstanding any inconsistent provision of this chapter or of\nany other general, special or local law, the authority shall submit to\nthe state comptroller, not less than one hundred twenty days prior to\nthe proposed date of any future increase in tolls a detailed written\nreport setting forth: (1) the need for such increase or imposition; (2)\nits receipts and disbursements, or revenues and expenses, during the\nprior five fiscal years, or so much thereof as it may have been in\nexistence, in accordance with the categories or classifications\nestablished by such authority for its own operating and capital outlay\npurposes; (3) its assets and liabilities at the end of its last fiscal\nyear including the status of reserve, depreciation, special or other\nfunds and including the receipts and payments of these funds; (4) a\nschedule of bonds and notes outstanding at the end of its fiscal year\nand their redemption dates, together with a statement of the amounts\nredeemed and incurred during such fiscal year; (5) information on\noperations, debt service and capital construction setting forth the\nestimated receipts and expenditures for the next five fiscal years; (6)\nprojections and estimates as to the effect which the proposed increase\nor imposition will have on the future use of the facilities, and the\nincreased revenues which will accrue to the authority as the result of\nthe proposed increase or imposition; (7) such other information and data\nas the comptroller may request in order to carry out the provisions of\nthis section. The comptroller shall have the power to waive submission,\nin the detailed written report, of any records, data and information\nrequired by this subdivision, and in lieu thereof shall have the power\nto physically inspect any records, data and information required by such\nsubdivision.\n 3. The comptroller shall review any proposed increase or imposition in\ntolls and the report required by subdivision two of this section and\nwithin sixty days make public his findings, conclusions and\nrecommendations. The commissioner of transportation of the state of New\nYork or his designated representative or agent shall, at the request of\nthe comptroller, provide assistance to the comptroller in determining\nhis findings, conclusions and recommendations, as required by this\nsection.\n 4. The authority shall hold a public hearing upon any such proposed\ntoll increase not less than fifteen days prior to the effective date of\nsuch increase. At least fifteen days prior to such hearing notice of\nsuch hearing shall be given by publications at least once in each of six\ndaily newspapers within the state to be selected by the authority.\nCopies of the proposed increase or imposition, the report required by\nsubdivision two of this section and the comptroller's findings,\nconclusions and recommendations shall be available for public inspection\nduring a period of fifteen days prior to the hearing at the office or\noffices of the authority and at such other places throughout the\ncounties of Nassau and Suffolk as it may designate. Following such\npublic hearing, the authority shall reconsider the proposed increase or\nimposition and may rescind, change or modify the proposal as it then\ndeems necessary or advisable.\n 5. Nothing contained in this section shall require the authority to\nrefund any tolls collected in the period between January first, nineteen\nhundred seventy-five, and the effective date of this act.\n * NB (Authority abolished June 30, 1978)\n