Page:United States Statutes at Large Volume 76.djvu/161

 76 STAT. ]

PUBLIC LAW 87-507-JUNE 28, 1962

113

Public Law 87-507 AN ACT

To amend the Act of August 9, 1955, relating to the regulation of fares for the transportation of schoolchildren in the District of Columbia. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Act entitled "An Act to provide for the regulation of fares for the transportation of schoolchildren in the District of Columbia", approved August 9, 1955 (D.C. Code, sec. 44—214a), is amended by adding at the end thereof the following new section: "SEC. 2. If, after giving effect to any and all motor vehicle fuel tax and real estate tax exemptions, the net operating income from mass transportation operations in the District of Columbia of any common carrier required to furnish transportation to schoolchildren at a reduced fare under this Act for any twelve-month period ending August 31 is less than the rate of return established by the regulatory commission having jurisdiction in such carrier's last rate case, net after all taxes properly chargeable to transportation operations, including but not limited to income taxes, on its gross operating revenues in the District of Columbia, exclusive of any school fare subsidy, then the Washington Metropolitan Area Transit Commission shall, as soon as racticable after such August 31, certify to the Commissioners of the district of Columbia or their designated agent with respect to such twelve-month period: (1) an amount which is the difference between the total of all reduced fares paid to each such carrier by schoolchildren in accordance with this Act and the amount which would have been paid to each such carrier if such fares had been paid at the lowest adult fare established by the Commission for regular route transportation; and (2) an amount which is the amount by which each such carrier's net operating income from mass transportation operations in the District of Columbia is less than such rate of return established by the appropriate regulatory commission in the carrier's last rate case, after giving effect to the aforesaid tax exemptions, exclusive of any such school fare subsidy. Upon such certification, the Board of Commissioners of the District of Columbia shall pay to each such carrier an amount equal to the amount certified pursuant to clause (1) thereof; except that in no event shall such amount exceed the amount certified pursuant to clause (2) hereof." SEC. 2. The amendment made by the first section of this Act shall be applicable with respect to the twelve-month period ending on August 31 next following the date of enactment of this Act, and to each twelve-month period thereafter. Approved June 28, 1962.

June 28, 1962 [S. 1745]

D. C. Schoolchildren, transportation fares. 69 Stat. 616.

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78135 0-63—11

Effective date.

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