§ 300. Legislative policy and purposes. It is hereby declared to be\nthe policy of the state to encourage and bring about the rehabilitation,\nimprovement, and continued operation by private enterprise of the\nfacilities of any domestic railroad corporation which now or hereafter\nis a debtor in proceedings under the bankruptcy laws of the United\nStates and which in the calendar year preceding the institution of such\nproceedings had passenger miles within the state of five hundred million\nor more, and to encourage and bring about the rehabilitation of such\ncorporations in order to enable them, with private capital and under\nprivate management, to furnish safe, efficient, and adequate\ntransportation service to the people of the state; and it is hereby\nfurther found and declared that the rehabilitation and continued\noperation of such corporations by private enterprise and enabling such\nbankruptcy proceedings to be terminated are matters of public concern;\nthat it is necessary to create, with adequate safeguards, inducements\nand opportunities for the employment of private investment in such\nrehabilitation and continued operation; that a railroad redevelopment\ncorporation qualifying hereunder serves a public purpose; that provision\nmust be made for the granting of partial tax exemption to such\ncorporations; that the commissioner of transportation and any other\nstate agency empowered to act under section three hundred three are\nhereby declared to be the agencies and instrumentalities of the state to\ncarry out the policy and purposes herein recited; and the necessity in\nthe public interest for the provisions of this article is hereby\ndeclared as a matter of legislative determination.\n
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