Page:United States Statutes at Large Volume 94 Part 2.djvu/661

 PUBLIC LAW 96-448—OCT. 14, 1980

94 STAT. 1939

Commission under subchapter I of chapter 105 of this title shall be 49 USC 10501. fined not more than $50,000.". TITLE IV—RAILROAD MODERNIZATION ASSISTANCE FEEDER RAILROAD DEVELOPMENT PROGRAM

SEC. 401. (a) Subchapter I of chapter 109 of title 49, United States Code, is amended by adding at the end thereof the following new section: "§ 10910. Railroad development 49 USC 10910. "(a) In this section—

Definitions.

"(1) 'financially responsible person' means a person who (A) is capable of paying the constitutional minimum value of the railroad line proposed to be acquired, and (B) is able to assure that adequate transportation will be provided over such line for a period of not less than 3 years. Such term includes a government authority but does not include a class I or a class II rail carrier. "(2) 'railroad line' means (A) during the 3-year period beginning on the effective date of the Staggers Rail Act of 1980, a line Ante, p. 1895. of railroad which carried less than 3,000,000 gross ton miles of traffic per mile in the preceding calendar year, and (B) after the end of such 3-year period, any line of railroad. "(b)(1) When the Interstate Commerce Commission finds that— Railroad lines, "(A)(i) the public convenience and necessity require or permit sale. the sale of a particular railroad line under this section; or "(ii) a railroad line has been placed on a system diagram map as required under section 10904 of this title, but the rail carrier 49 USC 10904 owning such line has not filed an application to abandon such line under sections 10903 and 10904 of this title; and 49 USC 10903. "(B) an application to purchase such line has been filed, in accordance with regulations required under subsection (k) of this section, by a financially responsible person, the Commission shall require the rail carrier owning the railroad line to sell such line to such financially responsible person at a price not less than the constitutional minimum value. "(2) For purposes of this subsection, the constitutional minimum value of a particular railroad line shall be presumed to be not less than the net liquidation value of such line or the going concern value of such line, whichever is greater, but shall not include the cost of providing a protective arrangement under subsection (j) of this section. "(c)(1) For purposes of this section, the Commission may determine that the public convenience and necessity require or permit the sale of a railroad line if the Commission determines, after a hearing on the record, that— "(A) the rail carrier operating such line refuses within a reasonable time to make the necessary efforts to provide adequate service to shippers who transport traffic over such line; "(B) the transportation over such line is inadequate for the majority of shippers who transport traffic over such line; "(C) the sale of such line will not have a significantly adverse financial effect on the rail carrier operating such line; "(D) the sale of such line will not have an adverse effect on the overall operational performance of the rail carrier operating such line; and

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