Page:United States Statutes at Large Volume 95.djvu/1796

 95 STAT. 1770

CONCURRENT RESOLUTIONS—JULY 31, 1981

(13) In section 1161, strike out "subtitle" and insert in lieu thereof "subsection" each place it appears in subsection G) and > the first place it appears in subsection (d). (14) In section 1162, insert "(a)" after "SEC. 1162.", and add at the end the followingsubsections: (b) Section 501(8) of the Ilailroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 821(8)) is amended to read as follows: "(8) 'restructuring* means (A) any activity (including a consolidation, coordination, merger or abandonment) which (i) involves rehabilitation, or improvement of a facility or the transfer of a facility, and (ii) improves the long-term profitability of any railroad freight system through the achievement of higher average traffic densities or improved asset utilization; or (B) the transfer from the Corporation to any railroad or financially responsible person (as defined in section 10910(a)(l) of title 49, United States Code) for common carrier rail service of ownership or operating rights on any rail line owned or operated by the (Corporation where the Secretary determines that such acquisition will provide needed transporation benefits, and that such line will not require further Federal subsidy;". (c) Section 505(a)(1) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 825(a)(l)) is amended by inserting immediately after "railroad" the following: "(or any financially responsible person, as defined in section 10910(a)(l) of title 49, United States Code, who acquires from the (Corporation for common carrier rail service any rail line owned by the Corporation on the effective date of the Northeast Rail Service Act of 1981)". (d) Section 5050bX2) of the Railroad Revitsdization and Regulatory Reform Act of 1976 (45 U.S.C. 82506X2)) is amended by amending clause (C) to read as follows: "(C) the public benefits, including any significant railroad restructuring, to be realized from the project to be financed in relation to' the public costs of such financing and whether the proposed project will return public benefits sufficient to justify such public costs or, where the application relatestoa rail line owned or operated by the Corporation immediately prior to its acquisition by a railroad or financiall^r responsibleperson (as defined in section 10910(a)(l) of title 49, United States Code) for common carrier rail service, whether the financial assistance applied for under this section will further the public interest in transferring rail lines from the corporation to the private sector, and avoid the need for any further Federal subsidy.". (e) Section 509(b) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 829(b)) is amended by redesignating paragraph (3) as paragraph (4) and by inserting after paragraph (2) the following: "(3) Not more than 50 percent of the funds received by the Secretary from amounts appropriated under subsection (a) of this section shall be reserved to provide rehabilitation and improvement assistance for facilities transferred from the Corporation after the effective date of the Northeast Rail Service Act of 1981.". (f) Section 509(b)(4) of the Railroad Revitalization and Regulatory Reform Act of 1976, as redesignated by subsection (e) of this section, is amended by striking "and (2)" and inserting in lieu thereof ", (2) and (3)". (15) Insert after section 1163D the following sections:

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