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45 U.S.C. § 664 — Issuance of obligations to Secretary of the Treasury

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

45 U.S.C. § 664 — Issuance of obligations to Secretary of the Treasury

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Source location: Title 45, Chapter 15, § 664; chapter-015-emergency-rail-services.md

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**(a) Forms and denominations; maturity dates; terms and conditions; interest rate; purchase and sale of obligations by Secretary of the Treasury; authorization of appropriations** To enable the Secretary to carry out his rights and responsibilities under [section 662 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section662&num=0&edition=prelim), he is authorized to issue to the Secretary of the Treasury notes or other obligations in such forms and denominations, bearing such maturities, and subject to such terms and conditions, as may be prescribed by the Secretary with the approval of the Secretary of the Treasury. Such notes or other obligations shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of the notes or other obligations. The Secretary of the Treasury shall purchase any notes and other obligations issued hereunder and for that purpose he is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include any purchase of such notes and obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquired by him under this subsection. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States. There are authorized to be appropriated to the Secretary such sums as may be necessary to pay the principal and interest on the notes or obligations issued by him to the Secretary of the Treasury. **(b) Revocation of guarantee; legal effect of guarantee; validity and incontestability of guaranteed certificate** Any guarantee made by the Secretary under this chapter shall not be terminated, canceled, or otherwise revoked, except as provided by the terms and conditions prescribed by the Secretary under [section 662(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section662/d&num=0&edition=prelim); shall be conclusive evidence that such guarantee complies fully with the provisions of this chapter, and of the approval and legality of the principal amount, interest rate, and all other terms of the certificates and the guarantee; and shall be 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 guarantee** The Attorney General shall take such action as may be appropriate to enforce any right accruing to the United States by reason of its having paid money or incurred expenses as a result of making such guarantees.

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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

45 U.S.C. § 664 — Issuance of obligations to Secretary of the

Page 153 TITLE 45—RAILROADS § 664 Pub. L. 95–611, § 3(b), Nov. 8, 1978, 92 Stat. 3089; Pub. L. 96–86, § 115(a), Oct. 12, 1979, 93 Stat. 662; Pub. L. 96–101, § 7(a)–(c), Nov. 4, 1979, 93 Stat. 739, 740; Pub. L. 104–88, title III, § 325(2), Dec. 29, 1995, 109 Stat. 951.) Editorial Notes REFERENCES IN TEXT The Bankruptcy Act, referred to in subsecs. (a) and (c), is act July 1, 1898, ch. 541, 30 Stat. 544, which was classified generally to former Title 11, Bankruptcy. Section 77 of this Act was classified to section 205 of former Title 11. The Act was repealed effective Oct. 1, 1979, by Pub. L. 95–598, §§ 401(a), 402(a), Nov. 6, 1978, 92 Stat. 2682, section 101 of which enacted revised Title 11. For current provisions relating to railroad reorganiza- tion, see subchapter IV (§ 1161 et seq.) of chapter 11 of Title 11. AMENDMENTS 1995—Subsec. (a). Pub. L. 104–88, § 325(2)(B), sub- stituted ‘‘Board’’ for ‘‘Commission’’ in introductory provisions. Subsec. (b). Pub. L. 104–88 substituted ‘‘Board’’ for ‘‘Commission’’ wherever appearing and ‘‘subchapter II of chapter 113 of title 49’’ for ‘‘the provisions of section 5 of the Interstate Commerce Act’’ in par. (4). 1979—Subsec. (a). Pub. L. 96–101, § 7(a), struck out ‘‘upon a finding that the guarantee of certificates is necessary in order for a railroad which has received continued loan advances, pursuant to section 721(d)(1) of this title, to maintain rail services in the region (as such term is defined in section 702(15) of this title)’’ after ‘‘of this subsection’’ and provision requiring that Secretary not make any waiver under preceding sen- tence after Dec. 31, 1979. Subsec. (c). Pub. L. 96–101, § 7(b), added subsec. (c). Former subsec. (c) was repealed by Pub. L. 95–598. See 1978 Amendment not

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