§ 37. Municipal operation; revenue and accounts; operating and other\nfunds. a. The aggregate amount of the gross receipts of moneys derived\ndirectly or indirectly from or in connection with the operation by the\ncity of any road shall be known as the revenue thereof. Such revenue\nshall be derived from fares to be charged persons riding thereon; from\nrates to be charged for carrying property thereon; from rentals or fees\nto be charged for concessions or privileges thereon in connection\ntherewith; from the sale of surplus power, and any other receipts from\nwhatever source derived.\n b. The board of transportation shall establish and maintain a system\nof accounts to show at all times the cost of the several classes of\nproperty used in operation and the sources of funds used in the\nacquisition of such property; the several classes of operating revenue\nand other income; maintenance expenses; interest, amortization,\ndepreciation and all other charges against earnings. Such accounts shall\nbe kept in accordance with the uniform system of accounts prescribed for\nrailroads by the public service commission or other duly constituted\nauthority and published in the City Record.\n c. The revenue derived from all sources of income of any such road\nshall be deposited daily by the board in the name of the city in banks\nto be designated by the board of transportation and shall be held\nseparate and apart from all other funds of the city as the operating\nfund for the payment therefrom of the expenses of operation, maintenance\nand repairs, and depreciation, interest and amortization charges. An\naccurate report of all moneys received shall be made daily to the\ncomptroller of the city, who shall have power and whose duty it shall be\nto audit currently all the financial details of municipal operation,\nwhich audit shall not preclude examination of such account by any other\nproperly constituted authority. An itemized report of the result of such\nmunicipal operation shall be filed each month by the board of\ntransportation with the mayor and the board of estimate.\n d. From the operating fund thus derived there shall be deducted the\nfollowing charges in the order named and a separate accounting be made\nof each:\n 1. Operating expenses, exclusive of maintenance, including all\nexpenses for personal service, materials and supplies used in operation.\n 2. Expense of maintenance and repairs of structures and equipment,\nwhich shall be the actual cost of keeping the structures and equipment\nin thoroughly good order and repair, and shall include the replacement\nof parts of construction and parts of equipment units, but shall not\ninclude the renewal or replacement of any complete units of property, as\nsuch units are defined and specified from time to time by the board of\ntransportation for renewal or replacement from the capital reserve fund.\n 3. The amount of interest actually payable by the city and the\nproportionate annual contributions to sinking fund or other funds to\namortize and retire the bonds, corporate stock or other evidence of\nindebtedness issued by the city on account of any road.\n 4. Contributions to a depreciation fund for replacement or renewal of\nworn-out, obsolete or inadequate units of structures or equipment, of\nthe amount the board of transportation shall determine is the estimated\nnet loss of value, after maintenance has been applied, of such complete\nunits of property, with due provision for obsolescence or inadequacy of\nsuch units.\n e. The deduction for expenses of operation and maintenance shall be\nmade currently as required, and the deductions for depreciation,\ninterest and amortization installments shall be made after the close of\noperations each month and shall be the monthly proportion of the annual\namount required for such purposes.\n f. In addition to the principal operating fund in which all the\nrevenue shall be deposited as above provided, there shall be established\nan
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.