Page:United States Statutes at Large Volume 84 Part 1.djvu/1396

 1338

PUBLIC LAW 91-518-OCT. 30, 1970

[84

STAT.

TITLE V—ESTABLISHMENT OF A FINANCIAL INVESTMENT ADVISORY PANEL SEC. 501. APPOINTMENT OF ADVISORY PANEL.

Within thirty days after enactment of this Act, the President shall appoint a fifteen-man financial advisory panel. Six members of the panel shall represent the business of investment banking, commercial banking, and rail transportation. Two members shall be representatives of the Secretary of the Treasury and seven members shall represent the public in the various regions of the Nation. SEC. 502. PURPOSE OF ADVISORY PANEL.

The advisory panel appointed by the President shall advise the directors of the Corporation on ways and means of increasing capitalization of the Corporation. SEC. 503. REPORT TO CONGRESS.

On or before January 1, 1971, the panel shall submit a report to Congress evaluating the initial capitalization of the Corporation and the prospects for increasing its capitalization. TITLE VI—FEDERAL FINANCIAL ASSISTANCE SEC. 601. FEDERAL GRANTS.

There is authorized to be appropriated to the Secretary in fiscal year 1971, $40,000,000 to remain available until expended, for payment to the Corporation for the purpose of assisting in— (1) the initial organization and operation of the Corporation; (2) the establishment of improved reservations systems and advertising; (3) servicing, maintenance, and repair of railroad passenger equipment; (4) the conduct of research and development and demonstration programs respecting new rail passenger services; (5) the development and demonstration of improved rolling stock; and (6) essential fixed facilities for the operation of passenger trains on lines and routes included in the basic system over which no through passenger trains are being operated at the time of enactment of this Act, including necessary track connections between lines of the same or different railroads. SEC. 602. GUARANTY OF LOANS.

Maturity date.

Appropriation,

The Secretary is authorized, on such terms and conditions as he may prescribe, to guarantee any lender against loss of principal or interest on securities, obligations, or loans issued to finance the upgrading of roadbeds and the purchase by the Corporation or agency of new rolling stock, rehabilitation of existing rolling stock and for other corporate purposes. The maturity date of such securities, obligations, or loans, including all extensions and renewals thereof, shall not be later than twenty years from their date of issuance, and the amount of guaranteed loans outstanding at any time may ^^ot exceed $100,000,000. The Secretary shall prescribe and collect " the '^-^ ing institution a reasonable annual guaranty fee. Thero t to be appropriated such amounts as necessary to carry out tiiis beet j not to exceed $100,000,000.

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