Section 153-C. Financial disclosure by authority prior to toll or fare increase

1.  The  ten  cent  toll  which  was  in  effect  on  December  thirty-first, nineteen hundred seventy-four pursuant to subdivision five
  of section one hundred fifty-three-b of the public authorities law shall
  be  restored  to  ten  cents until all of the provisions of this section
  shall have been complied with.
    2. Notwithstanding any inconsistent provision of this  chapter  or  of
  any  other  general, special or local law, the authority shall submit to
  the state comptroller, not less than one hundred twenty  days  prior  to
  the  proposed  date  of  any future increase in tolls a detailed written
  report setting forth: (1) the need for such increase or imposition;  (2)
  its  receipts  and  disbursements,  or revenues and expenses, during the
  prior five fiscal years, or so much thereof  as  it  may  have  been  in
  existence,   in   accordance  with  the  categories  or  classifications
  established by such authority for its own operating and  capital  outlay
  purposes;  (3)  its assets and liabilities at the end of its last fiscal
  year including the status of reserve,  depreciation,  special  or  other
  funds  and  including  the  receipts  and payments of these funds; (4) a
  schedule of bonds and notes outstanding at the end of  its  fiscal  year
  and  their  redemption  dates,  together with a statement of the amounts
  redeemed and incurred  during  such  fiscal  year;  (5)  information  on
  operations,  debt  service  and  capital  construction setting forth the
  estimated receipts and expenditures for the next five fiscal years;  (6)
  projections  and  estimates as to the effect which the proposed increase
  or imposition will have on the future use of  the  facilities,  and  the
  increased  revenues  which will accrue to the authority as the result of
  the proposed increase or imposition; (7) such other information and data
  as the comptroller may request in order to carry out the  provisions  of
  this  section. The comptroller shall have the power to waive submission,
  in the detailed written report, of any  records,  data  and  information
  required  by  this subdivision, and in lieu thereof shall have the power
  to physically inspect any records, data and information required by such
  subdivision.
    3. The comptroller shall review any proposed increase or imposition in
  tolls and the report required by subdivision two  of  this  section  and
  within   sixty   days   make   public   his  findings,  conclusions  and
  recommendations. The commissioner of transportation of the state of  New
  York  or his designated representative or agent shall, at the request of
  the comptroller, provide assistance to the  comptroller  in  determining
  his  findings,  conclusions  and  recommendations,  as  required by this
  section.
    4. The authority shall hold a public hearing upon  any  such  proposed
  toll  increase not less than fifteen days prior to the effective date of
  such increase. At least fifteen days prior to  such  hearing  notice  of
  such hearing shall be given by publications at least once in each of six
  daily  newspapers  within  the  state  to  be selected by the authority.
  Copies of the proposed increase or imposition, the  report  required  by
  subdivision   two  of  this  section  and  the  comptroller's  findings,
  conclusions and recommendations shall be available for public inspection
  during a period of fifteen days prior to the hearing at  the  office  or
  offices  of  the  authority  and  at  such  other  places throughout the
  counties of Nassau and Suffolk  as  it  may  designate.  Following  such
  public  hearing, the authority shall reconsider the proposed increase or
  imposition and may rescind, change or modify the  proposal  as  it  then
  deems necessary or advisable.
    5.  Nothing  contained  in this section shall require the authority to
  refund any tolls collected in the period between January first, nineteen
  hundred seventy-five, and the effective date of this act.

    * NB (Authority abolished June 30, 1978)