Page:United States Statutes at Large Volume 86.djvu/1346

 1304

PUBLIC LAW 92-591-OCT. 27, 1972

[86 STAT.

Public Law 92-591 October 27, 1972 [S. 3843]

AN ACT To authorize the Secretary of Transportation to make loans to certain railroads in order to restore or replace essential facilities and equipment damaged or destroyed as a result of natural disasters during the month of June 1972.

Be it enacted by the Senate and House of Representatives of the Emergency Rail United States of AmeHca in Congress assembled, That this Act may be Taction A?t.^^''°" cited as the "Emergency Rail Facilities Restoration Act". •:'A-r^.

24 Stat. 379; 84 Stat. 1499.

DEFINITIONS

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SEC. 2 For the purpose of this Act— •>' --s' '^ ' « ^ (a) "Secretary" means the Secretary of Transportation. (b) "Railroad" means any common carrier by railroad subject to pait I of the Interstate Commerce Act (49 U.S.C. 1-27). (c) "Net income" means ordinary income reported to the Interstate Commerce Commission pursuant to the relevant railroad annual report form, adjusted for extraordinary items of a nonrecurring nature and directly related to railroad operations. AUTHORIZATION

Loans. Limitation. 47 Stat. 1474; 76 Stat. 572.

Appropriation.

SEC. 3. The Secretary is authorized to make loans, upon such terms and conditions as are specified by this Act and any others he deems appropriate, in an aggregate amount not to exceed $48,000,000 to railroads undergoing reorganization under section 77 of the Bankruptcy Act, as amended (11 U.S.C. 205), to railroads which have reported to the Interstate Commerce Commission in the railroad annual report a deficit net income for either of the last two calendar years, and to railroads whose certified damage to railroad facilities or equipment as a result of the natural disasters which occurred during the month of June 1972 exceeds their net income for either of the last two calendar years for the purpose of restoring or replacing railroad facilities, equipment, or services which are determined to be essential to public service (including, without limitation, bridges, track, track structures, signal and communication systems, and rolling stock) damaged or destroyed as a result of the natural disaster's which occurred during the month of June 1972. There are authorized to be appropriated to the Secretary to remain available through June 30, 1975, such sums as are necessary to carry out the purposes of this Act. TERMS AND

CONDITIONS

SEC. 4. (a) Prior to making a loan under this Act the Secretary shall— (1) find in writing that there is no other practicable means of obtaining funds from either private or government sources than a loan pursuant to this Act; (2) require that application be made by a railroad in such form and substance as the Secretary shall prescribe; (3) require satisfactory proof in writing of costs incurred or to be incurred in the restoration or replacement of essential railroad facilities, equipment, or services; (4) take appropriate action to insure that funds loaned under this Act are used solely for the purpose of restoring or replacing facilities and equipment (including the upgrading of such facilities and equipment) damaged or destroyed as a result of the natural disasters of June 1972;

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