Page:United States Statutes at Large Volume 90 Part 2.djvu/1159

 PUBLIC LAW 94-555—OCT. 19, 1976 for fiscal year 1975) as determined in accordance with the uniform system of accounts pronmlgated by the Commission"; and (3) by inserting immediately after the third sentence thereof the following new sentence: "Except as provided in the last sentence of this paragraph, the Secretary, in determining the extent to which a project will provide public benefits, shall give the highest priority to projects which will enhance the ability of the applicant carrier or other carriers to provide essential freight services.". (b) Section 503(e) of the Kailroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 823(e)) is amended by striking out "60" and inserting in lieu thereof "150". (c) Section 504(b) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 824(b)) is amended— (1) by striking out "360" and inserting in lieu thereof "540"; and (2) by inserting in paragraph (A) thereof, immediately after "needs," the following: "the projected gross national product, the ix)tential demand for rail service and the types of service capable of meeting that potential demand, the potential revenues and costs (including capital costs associated with those levenues), the demand for rail services for which the railroads could compete on an economic basis, the probable sources of funding for the capital costs of providing those services, and which of those costs must be provided by public financing,". (d) Section 509 of the Railroad Revitalization and Regulatoiy Reform Act of 1976 (45 U.S.C. 829) is amended by striking out "September 30, 1978" and inserting in lieu thereof "March 31, 1979". (e) Section 901 of the Railroad Revitalization and Re.q-ulatorv Reform Act of 1976 (49 U.S.C. 1654 note) is amended by striking out "540" and inserting in lieu thereof "720". NORTHEAST CORRIDOR

90 STAT. 2627

Ante, p. 69. Ante, p. 70.

Ante, p. 76. Ante, p. 147.

ACQUISITIONS

SEC. 217. (a) Section 704(a)(3)(B) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 854(a)(3)(B)) is Ante,f. 122. amended by striking out "$85,182,956" and inserting in lieu thereof "$120,000,000". (b) Section 704(a)(3) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 854(a)(3)) is amended by adding at the end thereof the following: "Amounts appropriated pursuant to subparagraphs (B) and (D) of this paragraph shall be used first for the repayment, with interest, of that portion of obligations issued by the National Railroad Passenger Corporation and guaranteed pursuant to section 602 of the Rail Passenger Service Act (34 U.S.C. 602), the proceeds of which have 45 USC 602. been used for the payment of expenses resulting from the acquisition of the properties referred to in such subparagraphs (B) and (D).", (c) Section 704 of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 854) is amended by adding at the end thereof the following new subsections: "(e) NOTE AND MORTGAGE.—In order to protect and secure the expenditure of funds by the United States on account of the acquisition and improvement of properties designated under section 206 (c)(1)(C) and (D) of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 716(c)(1)(C) and (D)), the Secretary is authorized to obtain a note of indebtedness from, and to enter into a mortgage agreement with, the National Railroad Passenger Corporation

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