Page:United States Statutes at Large Volume 94 Part 1.djvu/454

 94 STAT. 404

PUBLIC LAW 96-254—MAY 30, 1980 EXPEDITED PROCEEDINGS

45 USC 1009.

93 Stat. 744.

SEC. 111. (a) The Commission shall give all proceedings involving the Rock Island Railroad preference over all other pendhig proceedings related to rail carriers and make all of its decisions at the earliest practicable time. (b) The Commission shall, within 100 days of the filing of an application (or such shorter period as the court may set) pursuant to section 17 of the Milwaukee Railroad Restructuring Act (45 U.S.C. 915), reach a decision on all proceedings filed after January 1, 1980, which involve a sale, transfer or lease of any line of the Rock Island Railroad to a solvent carrier. TRANSACTION ASSISTANCE

SEC. 112. Section 505 of the Railroad Revitalization and R^ulatory Reform Act of 1976 (45 U.S.C. 825) is amended by adding at the end thereof the following new subsection: "(h) 93 Stat. 744.

Noncarrier entity, description.

Ownership plan, submittal to Secretary.

PURCHASE OF ESSENTIAL PROPERTIES FOR COMMON CARRIER

SERVICE.—(1) Notwithstanding subsections (a) through (g) of this section (other than subsections (b)(2) and (d)(3)), the Secretary shall, upon application of a noncarrier entity— "(A) purchase, from funds av^able on May 1, 1980, not less than $25,000,000 in redeemable preference shares, bonds, or trustee certificates convertible to redeemable preference shares under this section as necessary for the purchase, lease, or rehabilitation of properties of the Rock Island Railroad by responsible noncarrier entities to be used for common carrier rail service; and "(B) purchase not more than $18,000,000 in redeemable preference shares or trustee certificates convertible to redeemable preference shares under this section as necessary for the purchase of properties of the Milwaukee Railroad by responsible noncarrier entities to be used for common carrier rail service, to the extent that the Secretary determines that fun^ are available. "(2) Preference shares, bonds, and trustee certificates purchased under this suteection shall be purchased under terms and conditions that insure that the applicant will be financially capable of making the requisite dividend or interest and redemption or principal payments without impairing its financial resources, and the Secretary shall insure that all assistance provided under this subsection is likely to be repaid or can be secured. "(3)(A)(i) For purposes of this subsection, a responsible noncarrier entity may include an association composed of representatives of national railway labor organizations, employee coalitions, shippers, or any combination thereof, and States or State organizations, which wish to acquire, lease, or rehabilitate properties of the Rock Island Railroad or the Milwaukee Railroad pursuant to a feasible employee, employee-shipper, or State ownership plan. A responsible noncarrier entity may also include any railroad that wishes to contribute £my of its properties under common ownership with the property being acquired by the association. "(ii) Any ownership plan described in clause (i) of this subparagraph shall be submitted to the Secretary no later than August 20, 1980, or such later date as the Secretary considers appropriate.

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