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45 U.S.C. § 666 — Court supervision of expenditures; findings; report to Secretary
Federal law — U.S. Code and appendices · legal_authorities
In addition to other duties prescribed by section 77 of the Bankruptcy Act, the court shall maintain supervision of the expenditure of funds obtained pursuant to [section 662 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section662&num=0&edition=prelim) for the purpose of assuring that such funds are used solely for purposes set forth in subsection (b) of such section, shall make periodic findings regarding such expenditures, and shall report those findings to the Secretary.
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Source file: Laws/federal/codes/united-states-code/title-45/section-666-court-supervision-of-expenditures-findings-report-to-secretary--f3bc49386a.md
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Source location: Title 45, Chapter 15, § 666; chapter-015-emergency-rail-services.md
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In addition to other duties prescribed by section 77 of the Bankruptcy Act, the court shall maintain supervision of the expenditure of funds obtained pursuant to [section 662 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section662&num=0&edition=prelim) for the purpose of assuring that such funds are used solely for purposes set forth in subsection (b) of such section, shall make periodic findings regarding such expenditures, and shall report those findings to the Secretary.
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Page 154
TITLE 45—RAILROADS
§ 665
valid and incontestable in the hands of a holder
of a guaranteed certificate except for fraud or
material misrepresentation on the part of such
holder.
(c) Enforcement by Attorney General of rights
accruing to United States because of guar-
antee
The Attorney General shall take such action
as may be appropriate to enforce any right ac-
cruing to the United States by reason of its hav-
ing paid money or incurred expenses as a result
of making such guarantees.
(Pub. L. 91–663, § 5, Jan. 8, 1971, 84 Stat. 1976.)
Editorial Notes
CODIFICATION
In subsec. (a), ‘‘chapter 31 of title 31’’ and ‘‘that chap-
ter’’ substituted for ‘‘the Second Liberty Bond Act, as
amended’’ and ‘‘that Act, as amended,’’, respectively,
on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96
Stat. 1067, the first section of which enacted Title 31,
Money and Finance.
§ 665. Utilization of services and facilities of Fed-
eral departments and agencies; reimburse-
ment; consultation with Board; coordination
of activities with Federal departments and
agencies
(a) In carrying out the provisions of this chap-
ter the Secretary may use available services and
facilities of other departments, agencies, and in-
strumentalities of the Federal Government with
their consent and on a reimbursable basis, and
shall consult with the Board in carrying out the
provisions of this chapter.
(b) Departments, agencies, and instrumental-
ities of the Federal Government shall exercise
their powers, duties, and functions in such man-
ner as will assist in carrying out the provisions
of this chapter.
(Pub. L. 91–663, § 6, Jan. 8, 1971, 84 Stat. 1977; Pub.
L. 104–88, title III, § 325(3), Dec. 29, 1995, 109 Stat.
951.)
Editorial Notes
AMENDMENTS
1995—Subsec. (a). P
Source: Supplied 2024 U.S. Code historical extraction · 45 U.S.C. § 666
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