Page:United States Statutes at Large Volume 95.djvu/1790

 95 STAT. 1764

CONCURRENT RESOLUTIONS—JULY 31, 1981

out "during the period between the effective date of the Northeast Service Act of 1981 and August 1, 1983," and insert in lieu thereof "after the effective date of the Northeast Rail Service Act of1981". (4) In proposed title IV of the Regional Rail Reorganization Act of 1973 (as contained in section 1142 of the bill)— (A) insert after and below subparagraph (O of section 401(a)(2) the following: "(3) Any plan submitted under paragraph (2) shall be deemed approved at the end of the 60-calendar-day period of continuous session of the Congress beginning on the date the plan was submitted, unless during such period both Houses of Congress pass a concurrent resolution the substance of which states that the Congress does not favor such plan. The Secretary shall implement any plan deemed approved under this paragraph. For purposes of this subsection—", (B) strike out "90-day period" in the matter in the subparagraph (B) immediately Defore subsection (b) of section 401 and insert in lieu thereof "60-day period", (C) strike out "subsection (a)(l) in subsections G>) and (c) of section 401 and insert in lieu thereof "subsection (a)(2)", (D) strike out "subsection (a)(D" and all that follows through "of this Act" in subsection (e) of section 401 and insert in lieu thereof "subsection (a)(2), the Secretary shall first offer for sale, to any employees whose wages are reduced pursuant to any agreement entered into in accordance with the goal set forth in section 1134(4) of the Northeast Rail Service Act of 1981", (E) strike out "section" in section 403(a)(2) and insert in lieu thereof "subsection", (F) strike out "which would" and all that follows through "were excused" in section 403(a)(2) and insert in lieu thereof "will be able to borrow capital in the private market sufficient to meet all its capital needs", (G) strike out "subsection (a)(D" in section 403(b) and insert in lieu thereof "subsection (a)(2)", (H) amend the proposed paragraph (2) of section 403(b) to read as follows: "(2) As used in this subsection, 'profitable carrier* means a carrier that generates sufficient revenues to meet its expenses, including reasonable maintenance of necessary equipment and facilities, and would have been able to borrow capital in the private market sufficient to meet all its capital needs. For the purpose of making such determination the USRA Board shall assume that the interest of the United States in any debt or preferred stock of the Corporation has been limited as required under section 402 of this Act.", (I) insert at the end of subsection (a) of section 404 the following: "The USRA Board shall approve or disapprove such determination within 15 days after the date of such notification.", (J) strike out "it is notified" and all that follows through "of such approval" in section 404(b)(l) and insert in lieu thereof "of which it is notified under subsection (a)(2), the employees of the Corporation ma^, within 90 days after the date the Secretary's determination was submitted to the USRA Board", (K) insert at the end of paragraph (2) of section 4040i>) the following:

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