§ 303. Certificate of approval. 1. The commissioner of transportation
and other state agency, if any be authorized by law to do so, shall give
a certificate of approval of the qualification of a railroad corporation
as a railroad redevelopment corporation if, in the judgment of the
commissioner of transportation and such other agency, such qualification
will carry out the policy and purposes of section three hundred.

2. The certificate of approval shall set forth:

(A) The program for the improvement and rehabilitation of the
facilities of such corporation which is necessary and reasonable in
order to carry out the policy and purposes of section three hundred;

(B) An estimate of the aggregate amount of funds which will be
required in order to pay the costs of such improvement and
rehabilitation program. The term "costs of the improvement and
rehabilitation program," when used in this article, shall include the
interest and principal payments on any obligations incurred for such
purpose;

(C) The amount of working cash which such corporation is entitled to
have as a minimum throughout its existence as a railroad redevelopment
corporation; and an estimate of the amount of funds, if any, of such
corporation which, upon its qualification as a railroad redevelopment
corporation, and after provision for such amount of working cash and for
the payment of such obligations of the debtor or of its trustee or
trustees as shall be specified in the certificate, will be available to
pay the costs of such improvement and rehabilitation program, or if
there be a deficiency in such funds, an estimate of the amount thereof;

(D) The amount of funds which will be made available to such
corporation by its stockholders and the additional amount estimated to
become available from other private investors in order to pay the costs
of such improvement and rehabilitation program;

(E) The amount of funds which such corporation will require from its
operating revenues and other income in each year of its existence as a
railroad redevelopment corporation in order to pay the costs of such
improvement and rehabilitation program, which yearly amounts shall be
prorated for any other period;

(F) The limitations, during the period of its existence as a railroad
redevelopment corporation, upon the payment of interest or principal on
the bonds or other indebtedness of such corporation consented to by the
bondholders or other creditors affected thereby and the limitations,
during such period, upon the payment of dividends on the capital stock
of such corporation, which are necessary and reasonable to carry out the
policy and purposes of section three hundred;

(G) The passenger fares and charges (and the classifications,
regulations, and practices pertaining thereto) of such corporation
reasonably required when it qualifies as a railroad redevelopment
corporation in order to enable it to have sufficient operating revenues
and other income to provide for items (1) through (9) enumerated in
section three hundred six; and

(H) Provisions that such corporation shall:

(1) apply, as soon as practicable,

(a) the amounts by which its operating revenues and other income
during the period of its existence as a railroad redevelopment
corporation shall exceed the sums required during such period to provide
for items (1) through (8) enumerated in section three hundred six, plus
or minus, as the case may be,

(b) the amount of available funds, or of the deficiency therein,
determined pursuant to paragraph (C) of subdivision two, plus

(c) the amounts received by such corporation from the sources
specified in paragraph (D) of subdivision two,
only to maintain the amount of working cash determined pursuant to
paragraph (C) of subdivision two and to the payment of the costs of such
improvement and rehabilitation program; and if the aggregate of said
items (a), (b) and (c) shall be more than sufficient for that purpose,
to the payment of the costs of such further additions and betterments of
such corporation's facilities as it may be permitted or directed to make
by order of the commissioner of transportation;

(2) upon the termination of its existence as a railroad redevelopment
corporation, set aside any of the foregoing amounts not so applied
during such period in a separate fund to be used only for such purposes;
and

(3) in the event it shall sell any of its capital assets, apply,
subject to the provisions of any mortgage or deed of trust covering such
property, the proceeds thereof received during the period of its
existence as a railroad redevelopment corporation, at its option, either
to the payment of the costs of such improvement and rehabilitation
program or of other additions or betterments of its facilities.

3. The certificate of approval shall be effective only if such
corporation has agreed in writing to comply with the terms and
conditions of such certificate.

4. The provisions of the certificate of approval referred to in
paragraphs (A) through (E) of subdivision two may be amended at any time
by the commissioner of transportation, but only with the consent in
writing of said corporation, so as to reflect the effects of changes in
the estimates of costs and available funds specified therein, or to
permit changes in the improvement and rehabilitation program. The term
"certificate of approval," when used in this article, shall mean the
certificate of approval as it may be amended from time to time.

5. The passenger fares and charges (and the classifications,
regulations, and practices pertaining thereto) specified in the
certificate of approval pursuant to paragraph (G) of subdivision two
shall be incorporated in tariff schedules filed with the commissioner of
transportation to become effective upon the day specified therein, not
earlier than the day after such qualification, and shall not be subject
to suspension or alteration by the commissioner of transportation except
pursuant to section three hundred eight.

6. Nothing in this article shall be construed as requiring such
corporation to apply to such improvement and rehabilitation program any
amounts in excess of, or to carry out such program to any greater extent
than permitted by, the aggregate of the items enumerated in subparagraph
(1) of paragraph (H) of subdivision two.