Page:United States Statutes at Large Volume 41 Part 1.djvu/489

 468 ‘ SIXTY-SIXTH CONGRESS. Sess. II. Ch. 91. 1920. ¤‘¤¤*¤*°¤*’*°*' M- excess of the inaranty, with interest at the rate of Q per centum per Appmpnsmn. annum from the time such excess was paid. There is hereby appropriated out of any monely in the Treasury not otherwise appropriated a sum sufficient to enab e the Secretary of the Treasury to make the advances referred to in this subdivision. · m§d°;{ IMS *° ¤*“· New Loans ro narmroans. Av1>¤¤¤¤¤¤¤by cnr- Sec. 210. (a) For the purpose of enabling carriers by railroad subiié°is¤i°ii'érii»`i»ii•¤rlii°mi ject to the Interstate Commerce Act tgroperly to serve the_public D°*¤”"°¤“"°°· d the transition period immedia y ollowing the termmatron P"'°"‘°*°‘ of Fgderal control, any such carrier may,_ at any time after the passage ofi this Act and before the expiration of two years after the termination of Federal control, make application to the Commission for a loan from the United States, settingl forth the amount of the loan and the term for which it is desired, the purpose of the loan and the uses to which it will be applied, the present and prospective ability of the applicant to renpsiy the loan and meet the requirements of its obligations in that reg, the character and value o _ the security offered, and the extent to which the ppglic convenience and °*¤*•‘;{;)*;u£,°;g‘ necessity will be served. The application s be accompanied by ` statements showing such facts and details as the Commission may require with rmpect to the phgsical situation, ownership, capitalization, indebtedness, contract ob `gations, operation, and earnmglpower of the applicant, together with such other facts relating to the propriety an expediency of granting the loan applied for and the ability of the applicant to make good the obligation, as the Commission may deem pertinent to the inquiry. _ _ _ Investigation, and (bl If the Commission, after such hearing and investigation, with yisggkg ugdiggg or without notice, as it may direct, finds that the making, in whole mmm-. or in part, of the proposed can by the United States is necessary to enable the applicant properly to meet the transportation needs of the public, and that the prospective earning power of the applicant and the character and value of the security offered are such as to furnish reasonable assurance of the ap licant’s abilit to repay the loan within the time fixed therefor, and) to meet its other obhgations gn connectisn hwitlhr such loanhghis Comsnéssion rgay certify to tihe _ ecretary 0 the easury its o act an its recommen a- miiigiiilfndsludmm tions as to_: the amount of the loaiigsrhich is to be made; the time, . not exceeding five years from the making thereof, within which it is to be repaid; the character of the security which is to be offered therefor; and the terms and conditions of the loan. °?1 rr¤¤¤ re (c) Upon receipt of such certificate from the Commission, the V " g Secretary of the Treasury, at any time before the expuation of twenty-six months after the termination of Federal control, is authorized to make a loan, not exceeding the maximum amount recommended in such certificate, out of any moneys in the revolving fund Iuhmt provided for in this section. All such loans shall bear interest at the rate of 6 pler centum per annum, payable semiannually to the Secretary of the Treasury and to be placed to the credit of the Repayment. revolving fund provided for in this section. The time, not exceeding five years from the making thereof, within which such loan is to sammy to be pre- be repaid, the security which is to be taken therefor, which shall be ¤°*“°°'*· adequate to secure the loan, the terms and conditions of the loan, and the form of the obligation to be entered into, shall be prescribed by the Secretary of the reas1n·y. Assista¤ceofFe4ieml (d) The Commission or the Secretary of the Treasury may call B°’°"'° B°°'“· upon the Federal Reserve Board for advice and assistance with respect to any such application or loan. A1>1>r¤vri¤¢i¤¤¤ (e) There is hereby appropriated out of any moneys in the Treas. ury not otherwise appropriated the sum of $300,000,000, which shall