Page:United States Statutes at Large Volume 89.djvu/152

 89 STAT. 92

PUBLIC LAW 94-25—MAY 26, 1975

Financial investment advisory panel. Appropriation authorization.

SEC. 9. Such Act is amended by striking out title V, relating to the financial investment advisory panel (45 U.S.C. 581-583). SEC, 10. Section oOl(a) of such Act (45 U.S.C. 6 0 1 (a)), relating to authorization of appropriations, is amended— (1) by striking out "in subsequent fiscal years a total of $534,300,000" in the first sentence and inserting in lieu thereof "in subsequent fiscal years through June 30, 1975, a total of $597,300,000"; and (2) by inserting immediately after the first sentence the following " The r e are authorized to be appropriated to the Secretary for the benefit of the Corporation (1) for the payment of operating expenses for the basic system, and for operating and capital expenses of intercity rail passenger service provided pursuant to section 403(b) of this Act, $350,000,000 for fiscal year 1976, $105,000,000 for the transition period of July 1, 1976, through September 30, 1976 (hereafter in this section referred to as the 'transition period^) and $.355,000,000 for fiscal year 1977; and (2) for the payment of capital expenditures of the basic system, $110,000,000 for fiscal year 1976; $25,000,000 for the transition period; and $110,000,000 for fiscal year 1977. Of the amounts authorized by clause (1) of the preceding sentence, not more than $25,000,000 for fiscal year 1976, $7,000,000 for the transition period, and $30,000,000 for fiscal year 1977 shall be available for payment of operating and capital expenses of intercity rail passenger service provided pursuant to section 403(b) of this Act.". SEC. 11. Section 602 of such Act (45 U.S.C. 602), relating to guarantee of loans, is amended— (1) by striking out subsection (a) and inserting in lieu thereof the following: " (a) The Secretary is authorized, on such terms and conditions as he may prescribe, and with the approval of the Secretary of the Treasury, to guarantee any lender or lessor against loss of principal and interest or other contractual commitments, including rentals, on securities, obligations, leases, or loans (including refinancing thereof) issued to finance the u p g r a d i n g of roadbeds, and the purchase or lease by the Corporation or an agency of new rolling stock, rehabilitation of existing rolling stock, reservation systems, switch and signal systems, and other capital equipment and facilities necessary for the improvement of rail passenger service. The m a t u r i t y date or term of such securities, obligations, leases, or loans, including all extensions and renewals thereof, shall not be later than 20 years from their date of issuance."; (2) by striking out subsection (c) and inserting in lieu thereof the following: " (c) Any guarantee made by the Secretary under this section shall not be terminated, canceled or otherwise revoked; shall be conclusive evidence that such guarantee complies fully with the provisions of this Act and of the approval and legality of the principal amount, interest rate, lease rate, and all other terms of the securities, obligations, leases, or loans and of the guarantee, and shall be valid and incontestable in the hands of a holder of a guaranteed security, obligation, lease, or loan, except for fraud or material misrepresentation on the part of such holder."; (3) by striking out "obligations, or loans" in subsection (d) and inserting in lieu thereof "obligations, leases, or loans"; (4) by striking out "obligation, or loan" each place it appears in subsection (g) and inserting in lieu thereof in each such place "obligation, lease, or l o a n "; and (5) by striking out "a loan" in subsection (i) and inserting in lieu thereof "a lease or loan".

45 USC 563.

Guarantee of loans.

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