Page:United States Statutes at Large Volume 92 Part 3.djvu/435

 PUBLIC LAW 95-607—NOV. 8, 1978

92 STAT. 3067

"(C) The Secretary may purchase certificates under this section without making the finding referred to in clause (iii) of subparagraph (B) only if such certificates are senior in rights to all outstanding capital stock, common and preferred, of the debtor corporation, and all unsecured debt incurred before the date of commencement of railroad reorganization proceedings pursuant to section 77 of the Bapkruptcy Act, but subordinate to all senior debt of the debtor corporation when- 11 USC 205. ever such senior debt is incurred. As used in this subparagraph, the "Senior debt." term 'senior debt' means— "(i) all costs of administration, incurred or to be incurred by a trustee, and secured debt assumed by a trustee, in connection with the reorganization proceedings and the operation of a debtor's business by a trustee during the pendency of such proceedings; and "(ii) all secured debt incurred before the date of commencement of railroad reorganization proceedings pursuant to section 77 of the Bankruptcy Act and determined by the court to be a proper claim against the estate and an obligation of the debtor corporation.". FRA REVIEW

SEC. 303. The Federal Railroad Administration shall promptly 45 USC 825 note, review the condition of the Chicago, Milwaukee, and Saint Paul Railroad and consider assisting such railroad with loans for roadbed and track improvement. TITLE IV—AMENDMENTS TO THE INTERSTATE COMMERCE ACT RENEWAL

SEC. 401. (a) Section 15(8)(c) of the Interstate Commerce Act (49 U.S.C. 15(8)(c)) is amended— (1) in clause (i), by striking out "within 2 years after the date of the enactment of this subdivision" and inserting in lieu thereof "prior to July 1, 1980"; (2) in clause (ii), by inserting "and" after the semicolon; and (3) by striking out clauses (iii) and (iv) and inserting in lieu thereof a new clause (iii) to read as follows: "(iii) the aggregate of increases or decreases in any rate filed pursuant to clause (i) or (ii) of this subdivision during any calendar year is not greater than 7 per centum of the rate in effect on January 1 of that year.", (b) The last sentence of section 15(8)(d) of the Interstate Commerce Act (49 U.S.C. 25(8)(d)) is amended by striking out "clauses 49 USC 15. (iii) or (iv)" and inserting in lieu thereof "clause (iii)". CAR SERVICE

SEC. 402. Section 1(14) of the Interstate Commerce Act (49 U.S.C. 1(14)) is amended by redesignating subdivision (b) as subdivision (c), and by inserting immediately after subdivision (a) the following new subdivision:

�