Page:United States Statutes at Large Volume 86.djvu/505

 86 STAT. ]

PUBLIC LAW 92.348-JULY 13, 1972

463

"(3) Except as provided in paragraph (2) of this subsection, the private agencies, institutions, organizations, corporations, and individuals with which the Secretary enters into agreements or contracts to carry out research and development under this Act shall, to the maximum extent practicable, be geographically distributed throughout the United States.". SEC. 3. The first sentence of section 11 of such Act (49 U.S.C. 1641) y^%'°/,'^fg5^' is amended by striking out "and" and by striking out the period at the 82 Stat. 424; end thereof and inserting in lieu thereof a semicolon and the follow- 84 Stat. 915. ing: "$97,000,000 for the fiscal year ending June 30, 1973; $126,000,000 for the fiscal year ending June 30, 1974; and $92,900,000 for the fiscal year ending June 30, 1975.". SEC. 4. Section 12 of such Act (49 U.S.C. 1642) is repealed. ^^P^^^SEC. 5. (a) Section 504(a)(3) of the Interstate Commerce Act (49 U.S.C. 1234(a)(3)) is amended by striking out "fifteen years after ^2 Stat. 569. the date thereof" and inserting in lieu thereof "twenty-five years after (b) Section 505 of the Interstate Commerce Act (49 U.S.C. 1235) is amended by inserting immediately after "renewal or extension of any such guaranty" the following: "for any period of time not exceeding twenty-five years from the date of the original guaranty". SEC. 6. Part V of the Interstate Commerce Act (49 U.S.C. 1231 et seq.) is amended by renumbering section 510 as section 511 and by inserting immediately after section 509 the following new section: aAUDIT BY COMPTROLLER GENERAL

"SEC. 510. (a) I n any case in which— " (1) there is outstanding any guaranty by the Commission made under this part; or "(2) the Secretary of the Treasury is required to make any payment as a consequence of any guaranty by the Commission made under this part; the financial transactions of the common carrier by railroad subject to this Act with respect to which such guaranty was made may be audited by the Comptroller General of the United States under such rules and regulations as he may prescribe. The representatives of the Comptroller General shall have access to all books, accounts, records, reports, files, and other papers, things, or property belonging to or in use by such common carrier by railroad pertaining to its financial transactions and necessary to facilitate the audit, and such representatives shall be afforded full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians. "(b) A report of each such audit shall be made by the Comptroller ^ f ^" " *° ^°"' ^^ f " * gress. General to the Congress. The report to the Congress shall contain such comments and information as the Comptroller General may deem necessary to inform the Congress of the financial operations and condition of the common carrier by railroad involved in such audit, together with such recommendations with respect thereto as he may deem advisable. The report shall also show specifically any program, expenditure, or other financial transaction or undertaking observed in the course of the audit, which, in the opinion of the Comptroller General, adversely affects the financial operations or condition of the common carrier by railroad involved in such audit or lessens the protection afforded the United States at the time the original guaranty was made. A copy of each report shall be furnished to the Commission at the time it is submitted to the Congress.". Approved July 13, 1972.

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