Section 307. Fare changes

1.  In  the event it appears at any time to a
  railroad redevelopment corporation that its operating revenues and other
  income will not be sufficient during the forthcoming  twelve  months  to
  provide  for  the  items  enumerated  in section three hundred six, such
  corporation may make application to the commissioner  of  transportation
  for   such   changes  in  its  passenger  fares  and  charges  (and  the
  classifications, regulations, and practices pertaining thereto) as will,
  in the  opinion  of  such  corporation,  produce  sufficient  additional
  revenues to enable it to provide for such items.
    2.  Such  application  shall  be  filed  and  determined in the manner
  provided in the transportation  law,  and  shall  be  accompanied  by  a
  certificate of such corporation setting out:
    (a) the name of such railroad redevelopment corporation;
    (b) the date upon which it qualified under this article;
    (c)  that the qualification of such railroad redevelopment corporation
  has not been terminated;
    (d) the basis upon which such  corporation  has  determined  that  its
  revenues and other income during said forthcoming twelve months will not
  be  sufficient  to  provide  for  the  items enumerated in section three
  hundred six; and
    (e) the basis upon which such corporation  has  determined  that  such
  changes  will  produce  the  additional revenues required to provide for
  said items.