Page:United States Statutes at Large Volume 102 Part 1.djvu/120

 102 STAT. 82

PUBLIC LAW 100-285—APR. 7, 1988 Public Law 100-285 100th Congress Joint Resolution

Apr. 7, 1988 [H.J. Res. 480] Securities. Safety.

Banks and banking.

Granting the consent of the Congress to amendments made by Maryland, Virginia, and the District of Columbia to the Washington Metropolitan Area Transit Regulation Compact.

Whereas the State of Maryland, the Commonwealth of Virginia, and the District of Columbia have adopted amendments to the Washington Metropolitan Area Transit Regulation Compact relating to public hearing requirements, investment flexibility, procurement, and public safety; and Whereas the Congress has reviewed such amendments and is willing to consent to such amendments: Now, therefore, be it Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1 CONSENT OF CONGRESS TO AMENDMENTS TO COMPACT. . The Congress consents to the amendments of the State of Maryland (chapters 674 and 675, 1984 Acts of the Maryland General Assembly), the amendments of the Commonwealth of Virginia (chapter 610, 1984 Acts of Assembly of Virginia; chapter 112, 1987 Acts of Assembly of Virginia), and the amendments of the District of Columbia (D.C. Law 5-122) to sections 62(a), 69(a), 69(b), 73, 76(a), and 76(c) of the Washington Metropolitan Area Transit Regulation Compact. Such amendments are substantially as follows: (1) Section 62(a) is amended to read as follows: "62.(a) The Board shall not make or change any fare or rate, nor establish or abandon any service except after holding a public hearing with respect thereto, except for service changes required by an emergency; minor service changes as defined by regulations promulgated by the Board; experimental service established to test the effect of such service, and in effect for not more than six months; and fare and service changes established for special events.". (2) Subsections (a) and (b) of section 69 are amended to read as follows: "69.(a) The Board may provide for the creation and administration of such funds as may be required. The funds shall be disbursed in accordance with rules established by the Board and all payments from any fund shall be reported to the Board. Moneys in such funds and other moneys of the Authority shall be deposited, as directed by the Board, in any branch or subsidiary of any state or national bank which has operations within the Zone, and having a total paid-in capital of at least one million dollars ($1,000,000). The trust department of any state or national bank may be designated as a depositary to receive any securities acquired or owned by the Authority. The restriction with respect to paid-in capital may be waived for any such bank which agrees to pledge federal securities to protect the funds and securities of the Authority in such amounts and pursuant to such arrangements as may be acceptable to the Board.

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