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US (United States) Code. Title 45. Chapter 15: Emergency rail services


-CITE-

45 USC CHAPTER 15 - EMERGENCY RAIL SERVICES 01/06/03

-EXPCITE-

TITLE 45 - RAILROADS

CHAPTER 15 - EMERGENCY RAIL SERVICES

-HEAD-

CHAPTER 15 - EMERGENCY RAIL SERVICES

-MISC1-

Sec.

661. Definitions.

662. Guarantee of certificates.

(a) Authority of Secretary; prerequisites;

procedures; waiver.

(b) Conditions to guarantee.

(c) Certificate as administrative expense; priority

of certificate.

(d) Interest rate; date of maturity; other terms

and conditions.

(e) Maximum aggregate principal amount outstanding.

(f) Rules and regulations.

663. Inspection of accounts, books, etc., of railroad

receiving financial assistance.

664. Issuance of obligations to Secretary of the Treasury.

(a) Forms and denominations; maturity dates; terms

and conditions; interest rate; purchase and

sale of obligations by Secretary of the

Treasury; authorization of appropriations.

(b) Revocation of guarantee; legal effect of

guarantee; validity and incontestability of

guaranteed certificate.

(c) Enforcement by Attorney General of rights

accruing to United States because of

guarantee.

665. Utilization of services and facilities of Federal

departments and agencies; reimbursement; consultation

with Board; coordination of activities with Federal

departments and agencies.

666. Court supervision of expenditures; findings; report to

Secretary.

667. Audit by Comptroller General; report to Congress.

668. Guarantee fees; amount; deposit.

669. Repealed.

-SECREF-

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in sections 906, 922 of this title.

-End-

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45 USC Sec. 661 01/06/03

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TITLE 45 - RAILROADS

CHAPTER 15 - EMERGENCY RAIL SERVICES

-HEAD-

Sec. 661. Definitions

-STATUTE-

For the purposes of this chapter -

(1) "Secretary" means the Secretary of Transportation.

(2) "Board" means the Surface Transportation Board.

(3) "Railroad" means any rail carrier subject to part A of

subtitle IV of title 49.

(4) "Certificate" means certificates issued by trustees of a

railroad pursuant to subsection 77(c)(3) of the Bankruptcy Act, as

amended.

-SOURCE-

(Pub. L. 91-663, Sec. 2, Jan. 8, 1971, 84 Stat. 1975; Pub. L.

104-88, title III, Sec. 325(1), Dec. 29, 1995, 109 Stat. 951.)

-REFTEXT-

REFERENCES IN TEXT

Section 77(c)(3) of the Bankruptcy Act, referred to in par. (4),

was classified to section 205(c)(3) of former Title 11, Bankruptcy.

The Bankruptcy Act (act July 1, 1898, ch. 541, 30 Stat. 544, as

amended) was repealed effective Oct. 1, 1979, by Pub. L. 95-598,

Secs. 401(a), 402(a), Nov. 6, 1978, 92 Stat. 2682, section 101 of

which enacted revised Title 11. For current provisions relating to

railroad reorganization, see subchapter IV (Sec. 1161 et seq.) of

chapter 11 of Title 11.

-MISC1-

AMENDMENTS

1995 - Par. (2). Pub. L. 104-88, Sec. 325(1)(A), added par. (2)

and struck out former par. (2) which read as follows: "

'Commission' means the Interstate Commerce Commission."

Par. (3). Pub. L. 104-88, Sec. 325(1)(B), substituted "rail

carrier subject to part A of subtitle IV of title 49" for "common

carrier by railroad subject to part I of the Interstate Commerce

Act (49 U.S.C. 1-27)".

EFFECTIVE DATE OF 1995 AMENDMENT

Amendment by Pub. L. 104-88 effective Jan. 1, 1996, see section 2

of Pub. L. 104-88, set out as an Effective Date note under section

701 of Title 49, Transportation.

SHORT TITLE

Section 1 of Pub. L. 91-663 provided: "That this Act [enacting

this chapter] may be cited as the 'Emergency Rail Services Act of

1970'."

-End-

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45 USC Sec. 662 01/06/03

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TITLE 45 - RAILROADS

CHAPTER 15 - EMERGENCY RAIL SERVICES

-HEAD-

Sec. 662. Guarantee of certificates

-STATUTE-

(a) Authority of Secretary; prerequisites; procedures; waiver

The trustees of any railroad undergoing reorganization under

section 77 of the Bankruptcy Act, as amended, upon approval of the

court, may apply to the Secretary for the guarantee of

certificates. The Secretary, after consultation with the Board, is

authorized to guarantee such certificates upon findings in writing

that -

(1) cessation of essential transportation services by the

railroad would endanger the public welfare;

(2) cessation of such services is imminent;

(3) there is no other practicable means of obtaining funds to

meet payroll and other expenses necessary to provide such

services than the issuance of such certificates;

(4) such certificates cannot be sold without a guarantee;

(5) the railroad can reasonably be expected to become

self-sustaining; and

(6) the probable value of the assets of the railroad in the

event of liquidation provides reasonable protection to the United

States.

The Secretary shall publish notice of his intention to make such

finding in the Federal Register not less than fifteen days prior to

such finding, give interested persons, including agencies of the

Federal Government, an opportunity to submit written data, views,

or arguments (with or without opportunity for oral presentation),

and give consideration to the relevant matter presented. The

Secretary for good cause shown and upon a finding that

extraordinary circumstances warrant doing so may waive the

requirements of the preceding sentence. Notwithstanding any other

provision of this section, the Secretary, in guaranteeing

certificates under this section, is authorized to waive the

findings required by paragraphs (1), (5), and (6) of this

subsection.

(b) Conditions to guarantee

As a condition to a guarantee, the Secretary, after consultation

with the Board, shall require that:

(1) the proceeds of the sale of certificates guaranteed under

this chapter, will be used solely for meeting payroll and other

expenses which, if not met, would preclude continued provision of

essential transportation services by the railroad;

(2) other revenues of the railroad will be used, to the fullest

extent possible, for such expenses;

(3) proceeds from the sale of assets will be devoted to the

fullest extent possible to the provision of essential

transportation services by the railroad; and

(4) in the event of actual or threatened cessation of essential

transportation services by the railroad, the Secretary shall have

the option to procure by purchase or lease trackage rights over

the lines of the railroad and such equipment as may be necessary

to provide such services by the Secretary or his assignee, and,

in the event of a default in the payment of principal or interest

as provided by the certificates, the money paid or expenses

incurred by the United States as a result thereof shall be deemed

to have been applied to the purchase or lease price. The terms of

purchase or lease shall be subject to the approval of the

reorganization court and the operation over the lines shall be

subject to the approval of the Board pursuant to subchapter II of

chapter 113 of title 49, but in no event shall the rendition of

services by the Secretary or his assignee await the outcome of

proceedings before the reorganization court or the Board.

(c) Certificate as administrative expense; priority of certificate

The Secretary shall not guarantee any certificate under this

section unless such certificate is treated as an expense of

administration and receives the highest lien on the railroad's

property and priority in payment under the Bankruptcy Act, except

that this subsection shall not apply to certificates guaranteed for

a railroad that is actively engaged in restructuring, as defined by

the Secretary. For purposes of this subsection, the term

"restructuring" includes an employee ownership plan or an

employee-shipper ownership plan.

(d) Interest rate; date of maturity; other terms and conditions

A certificate under this chapter shall bear interest at such per

annum rate as the Secretary deems reasonable, taking into account

the range of interest rates prevailing in the private market for

similar loans and the risks assumed by the Federal Government; nor

may its maturity date, including all extensions and renewals

thereof, be later than fifteen years from the date of original

issuance. The Secretary may prescribe such other terms and

conditions as he deems appropriate. In each case, the Secretary

shall consider the feasibility of requiring the railroad to dispose

of nonrailroad assets as a condition to a guarantee.

(e) Maximum aggregate principal amount outstanding

At any one time the outstanding aggregate principal amount of all

certificates guaranteed under this chapter shall not exceed

$200,000,000.

(f) Rules and regulations

The Secretary shall issue such rules and regulations as are

appropriate to carry out the authority granted by this chapter.

-SOURCE-

(Pub. L. 91-663, Sec. 3, Jan. 8, 1971, 84 Stat. 1975; Pub. L.

95-598, title III, Sec. 333, Nov. 6, 1978, 92 Stat. 2679; Pub. L.

95-611, Sec. 3(b), Nov. 8, 1978, 92 Stat. 3089; Pub. L. 96-86, Sec.

115(a), Oct. 12, 1979, 93 Stat. 662; Pub. L. 96-101, Sec. 7(a)-(c),

Nov. 4, 1979, 93 Stat. 739, 740; Pub. L. 104-88, title III, Sec.

325(2), Dec. 29, 1995, 109 Stat. 951.)

-REFTEXT-

REFERENCES IN TEXT

The Bankruptcy Act, referred to in subsecs. (a) and (c), is act

July 1, 1898, ch. 541, 30 Stat. 544, as amended, which was

classified generally to former Title 11, Bankruptcy. Section 77 of

this Act was classified to section 205 of former Title 11. The Act

was repealed effective Oct. 1, 1979, by Pub. L. 95-598, Secs.

401(a), 402(a), Nov. 6, 1978, 92 Stat. 2682, section 101 of which

enacted revised Title 11. For current provisions relating to

railroad reorganization, see subchapter IV (Sec. 1161 et seq.) of

chapter 11 of Title 11.

-MISC1-

AMENDMENTS

1995 - Subsec. (a). Pub. L. 104-88, Sec. 325(2)(B), substituted

"Board" for "Commission" in introductory provisions.

Subsec. (b). Pub. L. 104-88 substituted "Board" for "Commission"

wherever appearing and "subchapter II of chapter 113 of title 49"

for "the provisions of section 5 of the Interstate Commerce Act" in

par. (4).

1979 - Subsec. (a). Pub. L. 96-101, Sec. 7(a), struck out "upon a

finding that the guarantee of certificates is necessary in order

for a railroad which has received continued loan advances, pursuant

to section 721(d)(1) of this title, to maintain rail services in

the region (as such term is defined in section 702(15) of this

title)" after "of this subsection" and provision requiring that

Secretary not make any waiver under preceding sentence after Dec.

31, 1979.

Subsec. (c). Pub. L. 96-101, Sec. 7(b), added subsec. (c). Former

subsec. (c) was repealed by Pub. L. 95-598. See 1978 Amendment note

below.

Subsec. (e). Pub. L. 96-101, Sec. 7(c), substituted

"$200,000,000" for "$125,000,000" and struck out provision

requiring that with respect to a railroad which filed a petition

for reorganization during fiscal year 1978, during period Oct. 1,

1979, through Nov. 30, 1979, certificates be issued without regard

to limitations of subsec. (a) of this section and with such

priority in payment as Secretary deems appropriate to secure

repayment, for purpose of continuing service on railroad system at

level in effect on Oct. 1, 1979.

Pub. L. 96-86 provided that, with respect to a railroad which

filed a petition for reorganization during fiscal year 1978, during

period Oct. 1, 1979, through Nov. 30, 1979, certificates shall be

issued without regard to limitations of subsec. (a) of this section

and with such priority in payment as Secretary deems appropriate to

secure repayment, for purpose of continuing service on railroad

system at level in effect on Oct. 1, 1979.

1978 - Subsec. (a). Pub. L. 95-611 inserted provision authorizing

Secretary to waive requirements of paragraphs (1), (5), and (6) of

subsec. (a) until Dec. 31, 1979.

Subsec. (c). Pub. L. 95-598 struck out subsec. (c) which related

to treatment of a certificate as an administrative expense and

priority of the certificate.

EFFECTIVE DATE OF 1995 AMENDMENT

Amendment by Pub. L. 104-88 effective Jan. 1, 1996, see section 2

of Pub. L. 104-88, set out as an Effective Date note under section

701 of Title 49, Transportation.

EFFECTIVE DATE OF 1978 AMENDMENT

Amendment by Pub. L. 95-598 effective Oct. 1, 1979, see section

402(a) of Pub. L. 95-598, set out as an Effective Date note

preceding section 101 of Title 11, Bankruptcy.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 664, 666, 906 of this

title.

-End-

-CITE-

45 USC Sec. 663 01/06/03

-EXPCITE-

TITLE 45 - RAILROADS

CHAPTER 15 - EMERGENCY RAIL SERVICES

-HEAD-

Sec. 663. Inspection of accounts, books, etc., of railroad

receiving financial assistance

-STATUTE-

The Secretary is authorized to, and shall as necessary, inspect

and copy all accounts, books, records, memorandums, correspondence,

and other documents of any railroad which has received financial

assistance under this chapter concerning any matter which may bear

upon (1) the ability of such railroad to repay the loan within the

time fixed therefor, (2) the interest of the United States in the

property of such railroad, and (3) to insure that the purpose of

this chapter is being carried out.

-SOURCE-

(Pub. L. 91-663, Sec. 4, Jan. 8, 1971, 84 Stat. 1976.)

-End-

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45 USC Sec. 664 01/06/03

-EXPCITE-

TITLE 45 - RAILROADS

CHAPTER 15 - EMERGENCY RAIL SERVICES

-HEAD-

Sec. 664. Issuance of obligations to Secretary of the Treasury

-STATUTE-

(a) Forms and denominations; maturity dates; terms and conditions;

interest rate; purchase and sale of obligations by Secretary of

the Treasury; authorization of appropriations

To enable the Secretary to carry out his rights and

responsibilities under section 662 of this title, he is authorized

to issue to the Secretary of the Treasury notes or other

obligations in such forms and denominations, bearing such

maturities, and subject to such terms and conditions, as may be

prescribed by the Secretary with the approval of the Secretary of

the Treasury. Such notes or other obligations shall bear interest

at a rate determined by the Secretary of the Treasury, taking into

consideration the current average market yield on outstanding

marketable obligations of the United States of comparable

maturities during the month preceding the issuance of the notes or

other obligations. The Secretary of the Treasury shall purchase any

notes and other obligations issued hereunder and for that purpose

he is authorized to use as a public debt transaction the proceeds

from the sale of any securities issued under chapter 31 of title

31, and the purposes for which securities may be issued under that

chapter are extended to include any purchase of such notes and

obligations. The Secretary of the Treasury may at any time sell any

of the notes or other obligations acquired by him under this

subsection. All redemptions, purchases, and sales by the Secretary

of the Treasury of such notes or other obligations shall be treated

as public debt transactions of the United States. There are

authorized to be appropriated to the Secretary such sums as may be

necessary to pay the principal and interest on the notes or

obligations issued by him to the Secretary of the Treasury.

(b) Revocation of guarantee; legal effect of guarantee; validity

and incontestability of guaranteed certificate

Any guarantee made by the Secretary under this chapter shall not

be terminated, canceled, or otherwise revoked, except as provided

by the terms and conditions prescribed by the Secretary under

section 662(d) of this title; shall be conclusive evidence that

such guarantee complies fully with the provisions of this chapter,

and of the approval and legality of the principal amount, interest

rate, and all other terms of the certificates and the guarantee;

and shall be valid and incontestable in the hands of a holder of a

guaranteed certificate except for fraud or material

misrepresentation on the part of such holder.

(c) Enforcement by Attorney General of rights accruing to United

States because of guarantee

The Attorney General shall take such action as may be appropriate

to enforce any right accruing to the United States by reason of its

having paid money or incurred expenses as a result of making such

guarantees.

-SOURCE-

(Pub. L. 91-663, Sec. 5, Jan. 8, 1971, 84 Stat. 1976.)

-COD-

CODIFICATION

In subsec. (a), "chapter 31 of title 31" and "that chapter"

substituted for "the Second Liberty Bond Act, as amended" and "that

Act, as amended,", respectively, on authority of Pub. L. 97-258,

Sec. 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of

which enacted Title 31, Money and Finance.

-End-

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45 USC Sec. 665 01/06/03

-EXPCITE-

TITLE 45 - RAILROADS

CHAPTER 15 - EMERGENCY RAIL SERVICES

-HEAD-

Sec. 665. Utilization of services and facilities of Federal

departments and agencies; reimbursement; consultation with Board;

coordination of activities with Federal departments and agencies

-STATUTE-

(a) In carrying out the provisions of this chapter the Secretary

may use available services and facilities of other departments,

agencies, and instrumentalities of the Federal Government with

their consent and on a reimbursable basis, and shall consult with

the Board in carrying out the provisions of this chapter.

(b) Departments, agencies, and instrumentalities of the Federal

Government shall exercise their powers, duties, and functions in

such manner as will assist in carrying out the provisions of this

chapter.

-SOURCE-

(Pub. L. 91-663, Sec. 6, Jan. 8, 1971, 84 Stat. 1977; Pub. L.

104-88, title III, Sec. 325(3), Dec. 29, 1995, 109 Stat. 951.)

-MISC1-

AMENDMENTS

1995 - Subsec. (a). Pub. L. 104-88 substituted "Board" for

"Interstate Commerce Commission".

EFFECTIVE DATE OF 1995 AMENDMENT

Amendment by Pub. L. 104-88 effective Jan. 1, 1996, see section 2

of Pub. L. 104-88, set out as an Effective Date note under section

701 of Title 49, Transportation.

-End-

-CITE-

45 USC Sec. 666 01/06/03

-EXPCITE-

TITLE 45 - RAILROADS

CHAPTER 15 - EMERGENCY RAIL SERVICES

-HEAD-

Sec. 666. Court supervision of expenditures; findings; report to

Secretary

-STATUTE-

In addition to other duties prescribed by section 77 of the

Bankruptcy Act, the court shall maintain supervision of the

expenditure of funds obtained pursuant to section 662 of this title

for the purpose of assuring that such funds are used solely for

purposes set forth in subsection (b) of such section, shall make

periodic findings regarding such expenditures, and shall report

those findings to the Secretary.

-SOURCE-

(Pub. L. 91-663, Sec. 7, Jan. 8, 1971, 84 Stat. 1977.)

-REFTEXT-

REFERENCES IN TEXT

Section 77 of the Bankruptcy Act, referred to in text, was

classified to section 205 of former Title 11, Bankruptcy. The

Bankruptcy Act (act July 1, 1898, ch. 541, 30 Stat. 544, as

amended) was repealed effective Oct. 1, 1979, by Pub. L. 95-598,

Secs. 401(a), 402(a), Nov. 6, 1978, 92 Stat. 2682, section 101 of

which enacted revised Title 11. For current provisions relating to

railroad reorganization, see subchapter IV (Sec. 1161 et seq.) of

chapter 11 of Title 11.

-End-

-CITE-

45 USC Sec. 667 01/06/03

-EXPCITE-

TITLE 45 - RAILROADS

CHAPTER 15 - EMERGENCY RAIL SERVICES

-HEAD-

Sec. 667. Audit by Comptroller General; report to Congress

-STATUTE-

The Comptroller General of the United States, or any of his duly

authorized representatives, shall have access to such information,

books, records, and documents as he determines necessary

effectively to audit financial transactions and operations carried

out by the Secretary in the administration of this chapter. The

Comptroller General shall make such reports to the Congress on the

results of any such audits as are appropriate.

-SOURCE-

(Pub. L. 91-663, Sec. 8, Jan. 8, 1971, 84 Stat. 1977.)

-End-

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45 USC Sec. 668 01/06/03

-EXPCITE-

TITLE 45 - RAILROADS

CHAPTER 15 - EMERGENCY RAIL SERVICES

-HEAD-

Sec. 668. Guarantee fees; amount; deposit

-STATUTE-

The Secretary shall prescribe a guarantee fee in connection with

each loan guaranteed under this chapter which shall be collected

from the railroad upon repayment of the loan guaranteed. Such fee

shall be in an amount that the Secretary estimates to be necessary

to cover the administrative costs of carrying out the provisions of

this chapter with respect to such loan. Sums realized from such

fees shall be deposited in the Treasury as miscellaneous receipts.

-SOURCE-

(Pub. L. 91-663, Sec. 9, Jan. 8, 1971, 84 Stat. 1978.)

-End-

-CITE-

45 USC Sec. 669 01/06/03

-EXPCITE-

TITLE 45 - RAILROADS

CHAPTER 15 - EMERGENCY RAIL SERVICES

-HEAD-

Sec. 669. Repealed. Pub. L. 97-375, title I, Sec. 111(e), Dec. 21,

1982, 96 Stat. 1821

-MISC1-

Section, Pub. L. 91-663, Sec. 10, Jan. 8, 1971, 84 Stat. 1978;

Pub. L. 96-470, title I, Sec. 112(h), Oct. 19, 1980, 94 Stat. 2240,

directed the Secretary to make a report to the President and

Congress on financial condition of each railroad except Central

Railroad Company of New Jersey and Penn Central Transportation

Company, having a loan guaranteed under this chapter ninety days

after the making of such guarantee and annually thereafter

throughout existence of such loan.

-End-




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Enviado por:El remitente no desea revelar su nombre
Idioma: inglés
País: Estados Unidos

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