Page:United States Statutes at Large Volume 92 Part 2.djvu/126

 92 STAT. 1406

PUBLIC LAW 95-473—OCT. 17, 1978

(C) the current cost of freight cars, locomotives, and •. other equipment; and (D) the foregone tax benefits from not retiring properties from rail service and other effects of applicable Federal and State income taxes. "Reasonable (2) "reasonable return" means— return." (A) if a rail carrier is not in reorganization, the cost of capital to the rail carrier, as determined by the Interstate Commerce Commission; and (B) if a rail carrier is in reorganization, the mean cost of capital of rail carriers not in reorganization, as determined by the Commission. Publication in (b) When the Commission finds under section 10903 of this title Federal Register. that the present or future public convenience and necessity require or permit abandonment or discontinuance, it shall publish the finding in the Federal Register. If, within 30 days after the publication, the Commission finds that— (1) a financially responsible person (including a governmental authority) has offered financial assistance to enable the rail transportation to be continued over that part of the railroad line to be abandoned or over which all rail transportation is to be discontinued: and (2) it is likely that the assistance would be equal to— (A) the difference between the revenues attributable to • •;: that part of the railroad line and the avoidable cost of providing rail freight transportation on the line, plus a reasonable return on the value of the line; or (B) the acquisition cost of that part of the railroad line; the Commission shall postpone the issuance of a certificate authorizing abandonment or discontinuance for a reasonable time, not to exceed 6 months, to enable the person or governmental authority to enter into an agreement with the rail carrier to provide the assistance or to buy that part of the railroad line and to continue to provide rail transportation over the line. Thereafter, the Commission shall determine the extent to which the avoidable cost of providing rail transportation plus a reasonable return on the rail properties involved exceed the revenues attributable to the railroad line or the rail transportation proposed to be abandoned or discontinued. On notice to the Commission that such an agreement has been executed, the Commission shall further postpone the issuance of the certificate as long as the agreement, or an extension or modification of the agreement, is in effect. (c) The rail carrier shall provide promptly to a party considering offering financial assistance under subsection (b) of this section— (1) its most recent reports on the physical condition of that part of the railroad line involved in the proposed abandonment or discontinuance; and (2) traffic, revenue, and other data necessary to determine the amount of financial assistance that would be required to continue rail transportation over that part of the railroad line. §10906. Offering abandoned rail properties for sale for public 49 USC 10906. purposes When the Interstate Commerce Commission finds under section 10903 of this title that the present or future public convenience and necessity require or permit abandonment or discontinuance, the Commission shall find further whether the rail properties that are in-

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