Terms Used In New York Laws > Railroad > Article 7 - Railroad Redevelopment Corporations

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• certificate of approval: when used in this article, shall mean the certificate of approval as it may be amended from time to time. See N.Y. Railroad Law 303
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• 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. See N.Y. Railroad Law 303
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Trustee: A person or institution holding and administering property in trust.