§ 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.