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45 U.S.C. § 725 — Interim agreements
Federal law — U.S. Code and appendices · legal_authorities
**(a) Purposes** Prior to the date upon which rail properties are conveyed to the Corporation under this chapter, the Secretary, with the approval of the Association, is authorized to enter into agreements with the trustees of the railroads in reorganization in the region (or railroads leased, operated, or controlled by railroads in reorganization)—
(1) to perform the program maintenance on designated rail properties of such railroads until the date rail properties are conveyed under this chapter;
(2) to improve rail properties of such railroads; and
(3) to acquire rail properties for lease or loan to any such railroads until the date such rail properties are conveyed under this chapter, and subsequently for conveyance pursuant to the final system plan, or to acquire interests in such rail properties owned by or leased to any such railroads or in purchase money obligations therefor.
**(b) Conditions** Agreements pursuant to subsection (a) of this section shall contain such reasonable terms and conditions as the Secretary may prescribe. In addition, agreements under paragraphs (1) and (2) of subsection (a) of this section shall provide that—
(1) to the extent that physical condition is used as a basis for determining, under section 716(f) or 743(c) of this title, the value of properties subject to such an agreement and designated for transfer to the Corporation under the final system plan, the physical condition of the properties on the effective date of the agreement shall be used; and
(2) in the event that property subject to the agreement is sold, leased, or transferred to an entity other than the Corporation, the trustees or railroad shall pay or assign to the Secretary that portion of the proceeds of such sale, lease, or transfer which reflects value attributa
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Source file: Laws/federal/codes/united-states-code/title-45/section-725-interim-agreements--b884394bb6.md
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Source location: Title 45, Chapter 16, § 725; chapter-016-regional-rail-reorganization.md
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**(a) Purposes** Prior to the date upon which rail properties are conveyed to the Corporation under this chapter, the Secretary, with the approval of the Association, is authorized to enter into agreements with the trustees of the railroads in reorganization in the region (or railroads leased, operated, or controlled by railroads in reorganization)—
(1) to perform the program maintenance on designated rail properties of such railroads until the date rail properties are conveyed under this chapter;
(2) to improve rail properties of such railroads; and
(3) to acquire rail properties for lease or loan to any such railroads until the date such rail properties are conveyed under this chapter, and subsequently for conveyance pursuant to the final system plan, or to acquire interests in such rail properties owned by or leased to any such railroads or in purchase money obligations therefor.
**(b) Conditions** Agreements pursuant to subsection (a) of this section shall contain such reasonable terms and conditions as the Secretary may prescribe. In addition, agreements under paragraphs (1) and (2) of subsection (a) of this section shall provide that—
(1) to the extent that physical condition is used as a basis for determining, under section 716(f) or 743(c) of this title, the value of properties subject to such an agreement and designated for transfer to the Corporation under the final system plan, the physical condition of the properties on the effective date of the agreement shall be used; and
(2) in the event that property subject to the agreement is sold, leased, or transferred to an entity other than the Corporation, the trustees or railroad shall pay or assign to the Secretary that portion of the proceeds of such sale, lease, or transfer which reflects value attributable to the maintenance and improvement provided pursuant to the agreement.
**(c) Obligations** Notwithstanding [section 720(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section720/b&num=0&edition=prelim), the Association shall issue obligations under [section 720(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section720/a&num=0&edition=prelim) in an amount sufficient to finance such agreements and shall require the Corporation to assume any such obligations. The aggregate amount of obligations issued under this section and outstanding at any one time shall not exceed $300,000,000. The Association, with the approval of the Secretary, shall designate in the final system plan that portion of such obligations issued or to be issued which shall be refinanced and the terms thereof, and that portion from which the Corporation shall be released of its obligations.
**(d) Conveyance** The Secretary may convey to the Corporation or any subsidiary thereof, with or without receipt of consideration, any property or interests acquired by, transferred to, or otherwise held by the Secretary pursuant to this section or [section 723 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section723&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Abolition and termination**
(1) Effective April 1, 1987, the United States Railway Association is abolished.
(2) On January 1, 1987, all powers, duties, rights, and obligations of such association relating to the Corporation under the Regional Rail Reorganization Act of 1973 ([45 U.S.C. 701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section701&num=0&edition=prelim) et seq.) shall be transferred to the Secretary of Transportation.
(3) The sole function of the United States Railway Association after January 1, 1987, shall be the termination of its affairs and the liquidation of its assets.
**(b) Transfer of securities and responsibilities**
(1) Any securities of the Corporation held by the United States Railway Association shall, upon 11 So in original. Probably should be “on”. October 21, 1986, be transferred to the Secretary of Transportation.
(2) If, on the date the United States Railway Association is abolished under subsection (a), such association shall not have completed the termination of its affairs and the liquidation of its assets, the duty of completing such winding up of its affairs and liquidation shall be transferred to the Secretary of Transportation, who for such purposes shall succeed to all remaining powers, duties, rights, and obligations of such association.
**(c) Financing agreement**
(1) On January 1, 1987, the Amended and Restated Financing Agreement, dated May 10, 1979, between the United States Railway Association and the Corporation, together with any and all rights and obligations of or on behalf of any person with respect to such agreement, shall terminate and be of no further force or effect, except for those provisions specifying terms and conditions for payments made to the United States with respect
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Antitrust**
(1) Except as specifically provided in paragraph (2) of this subsection, no provision of this chapter shall be deemed to convey to any railroad or employee or director thereof any immunity from civil or criminal liability, or to create defenses to actions, under the antitrust laws.
(2) The antitrust laws are inapplicable with respect to any action taken to formulate or implement the final system plan where such action was in compliance with the requirements of such plan and with respect to any action taken to formulate or implement any supplemental transaction.
(3) As used in this subsection, “antitrust laws” includes the Act of July 2, 1890 (ch. 647, 26 Stat. 209), as amended; the Act of October 15, 1914 (ch. 323, 38 Stat. 730), as amended; the Federal Trade Commission Act (38 Stat. 717), as amended [[15 U.S.C. 41](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section41&num=0&edition=prelim) et seq.], sections 73 and 74 of the Act of August 27, 1894 (28 Stat. 570), as amended [[15 U.S.C. 8](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section8&num=0&edition=prelim), 9]; the Act of June 19, 1936 (ch. 592, 49 Stat. 1526), as amended; and the antitrust laws of any State or subdivision thereof.
**(b) Commerce, securities, and bankruptcy**
(1) The provisions of subtitle IV of title 49 and the Bankruptcy Act, are inapplicable (A) to actions taken under this chapter to formulate and implement the final system plan where such action was in compliance with the requirements of such plan, and (B) to actions taken under this chapter to formulate or implement any supplemental transaction.
(2) All securities of the Corporation which are issued to the Association as the initial holder, or which are issued in conne
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 791
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Emergency assistance** The Secretary is authorized, pending the implementation of the final system plan, to pay to the trustees of railroads in reorganization such sums as are necessary for the continued provision of essential transportation services by such railroads. Such payments shall be made by the Secretary upon such reasonable terms and conditions as the Secretary establishes, except that recipients must agree to maintain and provide service at a level no less than that in effect on January 2, 1974. Where the Secretary and the trustees agree that funds provided pursuant to this section are to be used (together with funds provided pursuant to [section 725 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section725&num=0&edition=prelim), if any) to perform program maintenance on designated rail properties until the date rail properties are conveyed under this chapter or to improve such designated properties, such agreement shall contain the conditions set forth in [section 725(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section725/b&num=0&edition=prelim).
**(b) Authorization of appropriations** There are authorized to be appropriated to the Secretary for carrying out this section such sums as are necessary, not to exceed $282,000,000, to remain available until expended. Of amounts authorized to be appropriated under this subsection, $50,000,000 shall be available solely to pay to the trustees of railroads in reorganization such sums as may be necessary to provide such railroads with amounts equal to revenues attributable to tariff increases proposed by such railroads and suspended by the Interstate Commerce Commission during the calendar year 1975, if the Secretary determines that
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General** The Association is authorized, in accordance with the provisions of this section, and such rules and regulations as it may prescribe, to invest from time to time in the securities of the Corporation by purchasing (1) up to $1,000,000,000 of debentures issued by the Corporation, and (2) after the acquisition of such debentures, up to $2,629,000,000 of the series A preferred stock of the Corporation.
**(b) Purposes and procedure for investment**
(1) The Association is authorized to purchase debentures and, thereafter, series A preferred stock of the Corporation at such times and in such amounts as may be required and requested by the Corporation in accordance with the terms and conditions governing such purchases (which shall be prescribed by the Association), to provide—
(A) for the modernization, rehabilitation and maintenance of rail properties of the Corporation;
(B) for the acquisition of equipment and other capital needs;
(C) for the refinancing of indebtedness which was incurred by the Corporation under [section 721 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section721&num=0&edition=prelim) or which was incurred under [section 725 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section725&num=0&edition=prelim) and assumed by the Corporation; or
(D) working capital as contemplated by the final system plan.
(2) Purchases of up to $1,000,000,000 of debentures and, thereafter, of up to $2,300,000,000 of series A preferred stock shall be made by the Association as required and requested by the Corporation, unless the Finance Committee makes an affirmative finding that—
(A) the Corporation has failed in any material respect to comply with any covenants or undert
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 726
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Federal law — U.S. Code and appendices · legal_authorities
Page 180
TITLE 45—RAILROADS
§ 725
Subsec. (b). Pub. L. 94–210, § 607(m)(1), substituted
‘‘$7,000,000’’ for ‘‘$5,000,000’’.
Subsec. (c). Pub. L. 94–436 substituted provisions au-
thorizing appropriations of such sums as are necessary
not to exceed $20,000,000 for the period beginning May 1,
1976, and ending Sept. 30, 1977 to remain available until
Sept. 30, 1978 for provisions authorizing appropriations
of such sums as are necessary not to exceed $40,000,000
to remain available until expended.
Pub. L. 94–210, § 607(m)(2), authorized appropriation of
not to exceed $14,000,000 for fiscal period which includes
fiscal period ending Sept. 30, 1977.
1974—Subsec.
(c).
Pub.
L.
93–488
substituted
‘‘$40,000,000’’ for ‘‘$26,000,000’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1981 AMENDMENT
Amendment by Pub. L. 97–35 effective Aug. 13, 1981,
see section 1169 of Pub. L. 97–35, set out as an Effective
Date note under section 1101 of this title.
EFFECTIVE DATE OF 1980 AMENDMENT
Amendment by Pub. L. 96–448 effective Oct. 1, 1980,
see section 710(a) of Pub. L. 96–448, set out as a note
under section 1170 of Title 11, Bankruptcy.
EFFECTIVE DATE OF 1979 AMENDMENT
Amendment by Pub. L. 96–73 effective Oct. 1, 1979, see
section 501(a) of Pub. L. 96–73.
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 e
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