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45 U.S.C. § 727 — Additional purchases of Series A preferred stock

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

45 U.S.C. § 727 — Additional purchases of Series A preferred stock

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Stable record: federal_law:legal_authorities:record_usc_c61dca972d4ff4eed34af62e
Source file: Laws/federal/codes/united-states-code/title-45/section-727-additional-purchases-of-series-a-preferred-stock--b0d2157576.md
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Source location: Title 45, Chapter 16, § 727; chapter-016-regional-rail-reorganization.md

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**(a) Federal investment** In addition to the authority provided under [section 726 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section726&num=0&edition=prelim), the Association shall purchase shares of Series A preferred stock and accounts receivable of the Corporation after August 13, 1981, in amounts not to exceed a total of $137,000,000. **(b) Accounts receivable** (1) In any further purchase under this section or [section 726 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section726&num=0&edition=prelim) the Association shall purchase accounts receivable of the Corporation attributable to the dispute over the right-of-way related costs described in section 1111 11 See References in Text note below. of this title until the Commission resolves such dispute under such section, and accounts receivable of the Corporation attributable to delays in reimbursement from commuter authorities. (2) From funds provided under this section or [section 726 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section726&num=0&edition=prelim), the Association shall purchase Series A preferred stock of the Corporation, to the extent of losses on commuter service, in an amount not to exceed $15,000,000. **(c) States and localities** The Corporation shall be exempt from liability for any State tax, except for any tax imposed by any political subdivision of a State applicable to any taxable period commencing before January 1, 1987. **(d) Debentures** The Association shall return debentures to the Corporation in an amount equal to the value of the properties conveyed by the Corporation to Amtrak Commuter and any commuter authority. **(e) Rights retained** The Corporation shall retain the right to collect any accounts receivable attributable to delays in reimbursement from commuter authorities that are purchased by the Association under this section. No agency or instrumentality of the United States shall be required to collect such accounts. **(f) Authorization of appropriations** (1) There is authorized to be appropriated not to exceed $262,000,000— (A) of which not to exceed $137,000,000 shall be appropriated to the Association for purposes of purchasing securities and accounts receivable of the Corporation under this section, such sums to remain available until the Secretary transfers the Corporation under subchapter IV 1 of this chapter; (B) of which not to exceed $75,000,000 shall be appropriated to the Secretary, to facilitate the transfer of rail commuter services from the Corporation to other operators, for distribution under the statutory provisions of section 1139(b) of the Northeast Rail Service Act of 1981; (C) of which not to exceed $35,000,000 shall be appropriated to the Secretary to be allocated for employee protection under [section 1005 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1005&num=0&edition=prelim); and (D) of which not to exceed $15,000,000 shall be appropriated to the Secretary to facilitate the transfer of rail commuter services from railroads that entered reorganization after calendar year 1974 to any commuter authority that was providing commuter service, operated by a railroad that entered reorganization after calendar year 1974, as of January 1, 1979. (2) All sums received on account of the holding or disposition of any securities or accounts receivable referred to in paragraph (1)(A) of this subsection shall be deposited in the general fund of the Treasury. (3) The amount authorized to be appropriated under paragraph (1)(B) of this subsection shall be reduced, in an amount equal to any amounts reappropriated under the authority of [section 726(g)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section726/g/2&num=0&edition=prelim), upon the date of enactment of any Act which reappropriates such amounts.

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

45 U.S.C. § 1101 — Congressional findings and declarations

The Congress finds and declares that— (1) the processes set in motion by 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.] have failed to create a self-sustaining railroad system in the Northeast region of the United States and have cost United States taxpayers many billions of dollars over original estimates; (2) current arrangements for the provision of rail freight and commuter service in the Northeast and Midwest regions of the United States are inadequate to meet the transportation needs of the public and the needs of national security; (3) although the Federal Government has provided billions of dollars in assistance for Conrail and its employees, the Federal interest in ensuring the flow of interstate commerce through rail service in the private sector has not been achieved, and the protection of interstate commerce requires Federal intervention to preserve essential rail service in the private sector; (4) the provisions for protection of employees of bankrupt railroads contained in 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.] have resulted in the payment of benefits far in excess of levels anticipated at the time of enactment, have imposed an excessive fiscal burden on the Federal taxpayer, and are now an obstacle to the establishment of improved rail service and continued rail employment in the Northeast region of the United States; and (5) since holding Conrail liable for employee protection payments would destroy its prospects of becoming a profitable carrier and further injure its employees, an alternative

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

45 U.S.C. § 744a — End of Conrail commuter service obligation

Notwithstanding any other provision of law or contract, Conrail shall be relieved of any legal obligation to operate commuter service on January 1, 1983.

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

45 U.S.C. § 1005 — Employee protection agreement

**(a) Authorization; time for agreement; use of funds** The Secretary and the representatives of the various classes and crafts of employees of the Rock Island Railroad shall, not later than 90 days after January 14, 1983, enter into an agreement providing protection for employees of the Rock Island Railroad who are adversely affected as a result of a reduction in service by such Railroad. Such agreement may provide for the use of funds described in subsection (c) of this section for the following purposes: (1) Subsistence allowances to employees. (2) Moving expenses for employees who must make a change in residence. (3) Retraining expenses for employees who are seeking employment in new areas. (4) Separation allowances for employees. (5) Health and welfare insurance premiums. (6) Such other purposes as may be agreed upon by the parties. **(b) Failure to reach agreement; benefit schedule** If the parties are unable to reach agreement within the time period specified in subsection (a) of this section, the Secretary shall, within 30 days after the expiration of such time period, prescribe a schedule of benefits for employee protection not inconsistent with the provisions of this chapter. **(c) Limitations on funds** Any agreement entered into under subsection (a) of this section, and any benefit schedule prescribed under subsection (b) of this section, shall not require the expenditure of funds in excess of amounts authorized to be appropriated under [section 727(f)(1)(C) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section727/f/1/C&num=0&edition=prelim), nor shall any individual employee receive benefits in excess of $20,000 under such agreement or benefit schedule. No benefits or assistance may be provided under any agreeme

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

45 U.S.C. § 1111 — Repealed. Pub. L. 105–134, title IV, § 408, Dec. 2, 1997, 111 Stat. 2586

### Statutory Notes Section, Pub. L. 97–35, title XI, § 1163, Aug. 13, 1981, 95 Stat. 685; Pub. L. 99–272, title IV, § 4017(a)(1), Apr. 7, 1986, 100 Stat. 110, related to Northeast Corridor cost dispute.

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

45 U.S.C. § 1341 — Abolition of United States Railway Association

**(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

45 U.S.C. § 726 — Debentures and series A preferred stock

**(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

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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. § 712 — Functions of Association

**(a) General** The Association is authorized to— (1) monitor the financial performance of the Corporation; (2) review whether the goals and requirements of this chapter are met; (3) purchase or otherwise acquire or receive, and hold and dispose of securities (whether debt or equity) of the Corporation under sections 726 and 727 of this title and exercise all of the rights, privileges, and powers of a holder of any such securities; (4) purchase accounts receivable of the Corporation in accordance with [section 727 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section727&num=0&edition=prelim); (5) appoint and fix the compensation of such personnel as the Association considers necessary and appropriate; and (11) 11 So in original. Probably should be “(6)”. determine the value of the Alaska Railroad, as required by [section 1204 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1204&num=0&edition=prelim). **(b) Investment of funds** Uncommitted funds of the Association shall be kept in cash on hand or on deposit, or invested in obligations of the United States or guaranteed thereby, or in obligations, participations, or other investments which are lawful investments for fiduciary, trust, or public funds. **(c) Exemption from taxation** The Association, including its franchise, capital reserves, surplus, security holdings, and income shall be exempt from all taxation now or hereafter imposed by the United States, any commonwealth, territory, dependency, or possession thereof, or by any State or political subdivision thereof, except that any real property of the Association shall be subject to taxation to the same extent according to its value as other real property is taxed. **(d) Report

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

45 U.S.C. § 727 — Additional purchases of Series A preferred

Page 186 TITLE 45—RAILROADS § 727 1 See References in Text note below. Subsec. (b)(3). Pub. L. 96–448, § 405(b)(2), added par. (3). Subsec. (b)(4). Pub. L. 96–448, § 703(e), added par. (4). Subsec. (f)(5). Pub. L. 96–254, § 118(a), (b), inserted pro- visions that the plan not be subject to change under the provisions of section 6 of the Railway Labor Act until after such time as securities have been distrib- uted from the plan to the participants in the plan or their beneficiaries pursuant to the terms of the plan and that, for purposes of this subsection, the Railway Labor Executives’ Association shall be deemed to rep- resent all of the representatives of crafts or classes of employees of the Corporation and its subsidiaries as though that organization held powers of attorney from each representative of a craft or class for the limited purposes of negotiating and agreeing upon an employee stock ownership plan. Subsec. (f)(8) to (10). Pub. L. 96–254, § 118(c), added pars. (8) to (10). Subsec. (g). Pub. L. 96–448, § 703(f)(2), substituted ‘‘$3,629,000,000’’ for ‘‘$3,300,000,000’’. 1978—Subsec. (a). Pub. L. 95–565, § 2(a), substituted ‘‘$2,300,000,000’’ for ‘‘$1,100,000,000’’. Subsec. (b)(2). Pub. L. 95–565, § 2(b), substituted ‘‘$2,300,000,000’’ for ‘‘$1,100,000,000’’. Subsecs. (f), (g). Pub. L. 95–565, §§ 2(c), 3, added subsec. (f), redesignated former subsec. (f) as (g), and sub- stituted ‘‘$3,300,000,000’’ for ‘‘$2,100,000,000’’. Statutory Notes and Related Subsidiaries 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. ABOLITION OF UNITED STATES RAILWAY ASSOCIATION AND TRANSFER OF FUNCTIONS AND SECURITIES

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