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45 U.S.C. § 906 — Guarantee of trustee certificates

Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 906 — Guarantee of trustee certificates

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Source file: Laws/federal/codes/united-states-code/title-45/section-906-guarantee-of-trustee-certificates--ba4bba1b2a.md
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Source location: Title 45, Chapter 18, § 906; chapter-018-milwaukee-railroad-restructuring.md

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**(a) to (c) Omitted** **(d) Authorization** The Secretary of Transportation shall, under the authority of the Emergency Rail Services Act of 1970 [[45 U.S.C. 661](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section661&num=0&edition=prelim) et seq.], immediately guarantee trustee certificates of the Milwaukee Railroad, on the basis of an estimate of the amount required to be provided under subsection (e) of this section, for purposes of allowing the Milwaukee Railroad, commencing November 1, 1979, to maintain its entire railroad system in accordance with [section 920 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section920&num=0&edition=prelim), and as required to finance operations which the Milwaukee Railroad continues for the 60-day period beginning on the date of the occurrence of an event described in [section 920(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section920/b&num=0&edition=prelim) or on April 1, 1980, whichever first occurs. Such guarantee shall be made without regard to the findings set forth in section 3(a) of the Emergency Rail Services Act of 1970 [[45 U.S.C. 662(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section662/a&num=0&edition=prelim)], and the provisions of section 3(b)(3) [[45 U.S.C. 662(b)(3)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section662/b/3&num=0&edition=prelim)] and the last two sentences of section 3(d) of such Act [[45 U.S.C. 662(d)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section662/d&num=0&edition=prelim)] shall not apply to such guarantee. **(e) Amount of guarantee** The Secretary shall guarantee trustee certificates of the Milwaukee Railroad pursuant to this section in an amount equal to the difference between (1) the total expenses incurred by such railroad attributable to the maintenance and the continuation of service in accordance with subsection (d) of this section, and (2) the revenues of such railroad. **(f) Subordination of claims** Notwithstanding the provisions of section 3(c) of the Emergency Rail Services Act of 1970 [[45 U.S.C. 662(c)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section662/c&num=0&edition=prelim)], certificates guaranteed under this chapter shall be subordinated to the claims of any creditors of the Milwaukee Railroad as of November 4, 1979. **(g) Availability of funds** The Commission shall immediately make available to the Secretary of Transportation the sum of $10,000,000, out of funds available for directed service under title 49. The Secretary of Transportation shall immediately make such funds available to the trustee of the Milwaukee Railroad for purposes of financing the operations of the Milwaukee Railroad, beginning November 1, 1979, in accordance with [section 920 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section920&num=0&edition=prelim). **(h) Cancellation of United States obligations** (1) All obligations to the United States or any agency or instrumentality of the United States incurred pursuant to this section by the Milwaukee Railroad or the trustee of the property of the Milwaukee Railroad shall be waived and canceled when— (A) the Milwaukee Railroad is reorganized as an operating rail carrier; or (B) substantially all of the Milwaukee Railroad is purchased. (2) For purposes of this subsection, substantially all of the Milwaukee Railroad shall be considered as having been purchased when (A) more than 50 percent of the rail system operated by the Milwaukee Railroad on October 14, 1980, has been purchased, and (B) more than 50 percent of the employees employed by the Milwaukee Railroad on October 14, 1980, have obtained employment with other rail carriers.

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Federal law — U.S. Code and appendices · legal_authorities

49 U.S.C. § 1301 — Establishment of Board

**(a) Establishment.—** The Surface Transportation Board is an independent establishment of the United States Government. **(b) Membership.—** (1) The Board shall consist of 5 members, to be appointed by the President, by and with the advice and consent of the Senate. Not more than 3 members may be appointed from the same political party. (2) At all times— (A) at least 3 members of the Board shall be individuals with professional standing and demonstrated knowledge in the fields of transportation, transportation regulation, or economic regulation; and (B) at least 2 members shall be individuals with professional or business experience (including agriculture) in the private sector. (3) The term of each member of the Board shall be 5 years and shall begin when the term of the predecessor of that member ends. An individual appointed to fill a vacancy occurring before the expiration of the term for which the predecessor of that individual was appointed, shall be appointed for the remainder of that term. When the term of office of a member ends, the member may continue to serve until a successor is appointed and qualified, but for a period not to exceed one year. The President may remove a member for inefficiency, neglect of duty, or malfeasance in office. (4) No individual may serve as a member of the Board for more than 2 terms. In the case of an individual appointed to fill a vacancy occurring before the expiration of the term for which the predecessor of that individual was appointed, such individual may not be appointed for more than one additional term. (5) A member of the Board may not have a pecuniary interest in, hold an official relation to, or own stock in or bonds of, a carrier providing transportation by any mode and may not engage in another busines

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45 U.S.C. § 661 — Definitions

For the purposes of this chapter— (1) “Secretary” means the Secretary of Transportation. (2) “Board” means the Surface Transportation Board. (3) “Railroad” means any rail carrier subject to part A of subtitle IV of title 49. (4) “Certificate” means certificates issued by trustees of a railroad pursuant to subsection 77(c)(3) of the Bankruptcy Act, as amended.

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 662 — Guarantee of certificates

**(a) Authority of Secretary; prerequisites; procedures; waiver** The trustees of any railroad undergoing reorganization under section 77 of the Bankruptcy Act, as amended, upon approval of the court, may apply to the Secretary for the guarantee of certificates. The Secretary, after consultation with the Board, is authorized to guarantee such certificates upon findings in writing that— (1) cessation of essential transportation services by the railroad would endanger the public welfare; (2) cessation of such services is imminent; (3) there is no other practicable means of obtaining funds to meet payroll and other expenses necessary to provide such services than the issuance of such certificates; (4) such certificates cannot be sold without a guarantee; (5) the railroad can reasonably be expected to become self-sustaining; and (6) the probable value of the assets of the railroad in the event of liquidation provides reasonable protection to the United States. The Secretary shall publish notice of his intention to make such finding in the Federal Register not less than fifteen days prior to such finding, give interested persons, including agencies of the Federal Government, an opportunity to submit written data, views, or arguments (with or without opportunity for oral presentation), and give consideration to the relevant matter presented. The Secretary for good cause shown and upon a finding that extraordinary circumstances warrant doing so may waive the requirements of the preceding sentence. Notwithstanding any other provision of this section, the Secretary, in guaranteeing certificates under this section, is authorized to waive the findings required by paragraphs (1), (5), and (6) of this subsection. **(b) Conditions to guarantee** As a condition to a guarantee,

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 1170 — Abandonment of railroad line

**(a)** The court, after notice and a hearing, may authorize the abandonment of all or a portion of a railroad line if such abandonment is— (1) (A) in the best interest of the estate; or (B) essential to the formulation of a plan; and (2) consistent with the public interest. **(b)** If, except for the pendency of the case under this chapter, such abandonment would require approval by the Board under a law of the United States, the trustee shall initiate an appropriate application for such abandonment with the Board. The court may fix a time within which the Board shall report to the court on such application. **(c)** After the court receives the report of the Board, or the expiration of the time fixed under subsection (b) of this section, whichever occurs first, the court may authorize such abandonment, after notice to the Board, the Secretary of Transportation, the trustee, any party in interest that has requested notice, any affected shipper or community, and any other entity prescribed by the court, and a hearing. **(d)** (1) Enforcement of an order authorizing such abandonment shall be stayed until the time for taking an appeal has expired, or, if an appeal is timely taken, until such order has become final. (2) If an order authorizing such abandonment is appealed, the court, on request of a party in interest, may authorize suspension of service on a line or a portion of a line pending the determination of such appeal, after notice to the Board, the Secretary of Transportation, the trustee, any party in interest that has requested notice, any affected shipper or community, and any other entity prescribed by the court, and a hearing. An appellant may not obtain a stay of the enforcement of an order authorizing such suspension by the giving of a supersede

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Federal law — U.S. Code and appendices · legal_authorities

49 U.S.C. § 1302 — Functions

Except as otherwise provided in the ICC Termination Act of 1995, or the amendments made thereby, the Board shall perform all functions that, immediately before January 1, 1996, were functions of the Interstate Commerce Commission or were performed by any officer or employee of the Interstate Commerce Commission in the capacity as such officer or employee.

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 920 — Continuation of service

**(a)** Until the occurrence of an event described in subsection (b) of this section, the Milwaukee Railroad (1) shall maintain its entire railroad system, as it existed on October 15, 1979, (2) shall continue no less than the regular level of service provided by it as of that date, and (3) shall not embargo traffic (other than when necessitated by acts of God or safety requirements) or abandon or discontinue service over any part of its railroad system. **(b)** The Milwaukee Railroad shall comply with the requirements of subsection (a) of this section until— (1) an employee or employee-shipper ownership plan is not submitted to the Interstate Commerce Commission within the time period prescribed under [section 905(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section905/a&num=0&edition=prelim); (2) the proposed plan is found by the Commission not to be feasible or the Commission does not act within 30 days; (3) the proposed plan is found by the bankruptcy court not to be fair and equitable to the estate of the Milwaukee Railroad; or (4) the plan is not implemented within the time period prescribed under [section 905(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section905/c&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 661 — Definitions

Page 151 TITLE 45—RAILROADS § 661 lated to composition and duties of Employee Com- pensation and Incentive Commission. Section 648, Pub. L. 91–518, title VIII, § 809, as added Pub. L. 96–73, title I, § 124, Sept. 29, 1979, 93 Stat. 551, re- lated to development of Model Job Placement Program to accommodate employees displaced by route restruc- turing. Section 649, Pub. L. 91–518, title VIII, § 810, as added Pub. L. 101–322, § 3, July 6, 1990, 104 Stat. 295, related to incentives for passenger service operating agreements. See section 26102 of Title 49, Transportation. A prior section 649, Pub. L. 91–518, title VIII, § 810, as added Pub. L. 96–73, title I, § 125, Sept. 29, 1979, 93 Stat. 552, provided for a study of payment of taxes by Cor- poration to State and local governments, prior to re- peal by Pub. L. 99–272, title IV, § 4007(b), Apr. 7, 1986, 100 Stat. 108. Section 650, Pub. L. 91–518, title VIII, § 811, as added Pub. L. 102–533, § 2, Oct. 27, 1992, 106 Stat. 3515, related to elimination of all highway at-grade crossings on main line of the Northeast Corridor, except where elimination deemed impracticable or unnecessary. See section 24906 of Title 49, Transportation. A prior section 650, Pub. L. 91–518, title VIII, § 811, as added Pub. L. 96–73, title I, § 126, Sept. 29, 1979, 93 Stat. 552, provided for a report to Congress on the ratio of revenue to expenses, prior to repeal by Pub. L. 99–272, title IV, § 4007(b), Apr. 7, 1986, 100 Stat. 108. Section 650a, Pub. L. 100–342, § 18(g), June 22, 1988, 102 Stat. 637, related to petitions by National Railroad Pas- senger Corporation seeking relocation or other reme- dial assistance for dangerous conditions, and rec- ommendations by Secretary to Congress to fund such measures. Section 650b, Pu

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 662 — Guarantee of certificates

Page 152 TITLE 45—RAILROADS § 662 ‘‘ ‘Commission’ means the Interstate Commerce Com- mission.’’ Par. (3). Pub. L. 104–88, § 325(1)(B), substituted ‘‘rail carrier subject to part A of subtitle IV of title 49’’ for ‘‘common carrier by railroad subject to part I of the Interstate Commerce Act (49 U.S.C. 1–27)’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1995 AMENDMENT Amendment by Pub. L. 104–88 effective Jan. 1, 1996, see section 2 of Pub. L. 104–88, set out as an Effective Date note under section 1301 of Title 49, Transpor- tation. SHORT TITLE Pub. L. 91–663, § 1, Jan. 8, 1971, 84 Stat. 1975, provided: ‘‘That this Act [enacting this chapter] may be cited as the ‘Emergency Rail Services Act of 1970’.’’ § 662. Guarantee of certificates (a) Authority of Secretary; prerequisites; proce- dures; waiver The trustees of any railroad undergoing reor- ganization under section 77 of the Bankruptcy Act, as amended, upon approval of the court, may apply to the Secretary for the guarantee of certificates. The Secretary, after consultation with the Board, is authorized to guarantee such certificates upon findings in writing that— (1) cessation of essential transportation services by the railroad would endanger the public welfare; (2) cessation of such services is imminent; (3) there is no other practicable means of ob- taining funds to meet payroll and other ex- penses necessary to provide such services than the issuance of such certificates; (4) such certificates cannot be sold without a guarantee; (5) the railroad can reasonably be expected to become self-sustaining; and (6) the probable value of the assets of the railroad in the event of liquidation provides reasonable protection to the United States. The Secretary shall publish notice

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 906 — Guarantee of trustee certificates

Page 227 TITLE 45—RAILROADS § 906 (e) Furnishing of reports and other information for preparation of plan (1) The trustee of the Milwaukee Railroad shall promptly provide to the person engaged in developing the employee or employee and ship- per ownership plan under this section— (A) its most recent reports on the physical condition of the railroad; and (B) traffic, revenue, marketing, and other data necessary to determine the amount of the acquisition cost of the railroad or portion of the railroad that would be required to con- tinue rail transportation over the railroad line. (2) Information provided pursuant to this sub- section shall be used only for purposes of pre- paring a plan and shall not be disclosed to any competitor or, unless necessary in connection with the preparation of the plan, to any cus- tomer of the Milwaukee Railroad. (Pub. L. 96–101, § 6, Nov. 4, 1979, 93 Stat. 738.) Statutory Notes and Related Subsidiaries ABOLITION OF INTERSTATE COMMERCE COMMISSION AND TRANSFER OF FUNCTIONS Interstate Commerce Commission abolished and func- tions of Commission transferred, except as otherwise provided in Pub. L. 104–88, to Surface Transportation Board effective Jan. 1, 1996, by section 1302 of Title 49, Transportation, and section 101 of Pub. L. 104–88, set out as a note under section 1301 of Title 49. References to Interstate Commerce Commission deemed to refer to Surface Transportation Board, a member or employee of the Board, or Secretary of Transportation, as appro- priate, see section 205 of Pub. L. 104–88, set out as a note under section 1301 of Title 49. § 906. Guarantee of trustee certificates (a) to (c) Omitted (d) Authorization The Secretary of Transportation shall, under the authority of the Emergency Rail Services Act

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