Browse Arkansas Code titles and sections

45 U.S.C. § 720 — Obligations of Association

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

45 U.S.C. § 720 — Obligations of Association

Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 720

Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.

Original supplied file — preserved unchanged

Download original Markdown file

File SHA-256: d7af8992e74e04c80f6260a12ed01f1f2594a72ea912d7185cf2a46434f1e877. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.

Authority boundary: historical or unconfirmed source not current law verified.

Open the recorded source website ↗

Record provenance

Stable record: federal_law:legal_authorities:record_usc_f032d81f54ac2c8c80d845cf
Source file: Laws/federal/codes/united-states-code/title-45/section-720-obligations-of-association--582ed824c6.md
Pages: Not recorded – Not recorded
Passage SHA-256: 0bb2f13fbc05048a1224b800db5085bdb07426851e25f59bb8549c67530a5c0e

Source location: Title 45, Chapter 16, § 720; chapter-016-regional-rail-reorganization.md

Stored source content

**(a) General** To carry out the purposes of this chapter, the Association is authorized to issue bonds, debentures, trust certificates, securities, or other obligations (herein cited as “obligations”) in accordance with this section. Such obligations shall have such maturities and bear such rate or rates of interest as are determined by the Association with the approval of the Secretary of the Treasury. Such obligations shall be redeemable at the option of the Association prior to maturity in the manner stipulated in each such obligation, and may be purchased by the Association in the open market at a price which is reasonable. **(b) Maximum obligational authority** The aggregate principal amount (exclusive of interest or additions to principal on account of accrual of interest) of obligations issued by the Association under this section which may be outstanding at any one time shall not exceed $395,000,000. No obligations or proceeds thereof shall be issued or made available after February 5, 1976, except— (1) to meet existing or potential commitments for loans under [section 721 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section721&num=0&edition=prelim) made or applied for prior to January 1, 1976; and (2) for the purpose of providing loans pursuant to subsections (g) and (h) of [section 721 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section721&num=0&edition=prelim). **(c) Guarantees** The Secretary shall guarantee the payment of principal and interest on all obligations issued by the Association in accordance with this chapter and which the Association requests be guaranteed. All guarantees entered into by the Secretary under this section shall constitute general obligations of the United States for the payment of which its full faith and credit are pledged. **(d) Validity** No obligation issued by the Association under this section shall be terminated, canceled, or otherwise revoked, except in accordance with lawful terms and conditions prescribed by the Association. Such an obligation shall be conclusive evidence that it is in compliance with this section, has been approved, and is legal as to principal, interest, and other terms. An obligation of the Association shall be valid and incontestable in the hands of a holder, except as to fraud, duress, mutual mistake of fact, or material misrepresentation by or involving such holder. **(e) The Secretary of the Treasury** If at any time the moneys available to the Secretary are insufficient to enable him to discharge his responsibilities under subsection (c) of this section or under subsection (a) of [section 746 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section746&num=0&edition=prelim), he shall issue notes or other obligations to the Secretary of the Treasury in such forms and denominations, bearing such maturities, and subject to such terms and conditions as may be prescribed by the Secretary of the Treasury. Such obligations shall bear interest at a rate to be 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 such obligations. The Secretary of the Treasury is authorized and directed to purchase any such obligations and for such purposes is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under chapter 31 of title 31. The purposes for which securities may be issued under such chapter are extended to include any purchase of notes or other obligations issued under this subsection. At any time, the Secretary of the Treasury may sell any such obligations, and all sales, purchases, and redemptions of such obligations by the Secretary of the Treasury shall be treated as public debt transactions of the United States. **(f) Authorization for appropriations** There are hereby authorized to be appropriated to the Secretary such amounts as are necessary to discharge the obligations of the United States arising under this section. **(g) Lawful investments** All obligations issued by the Association shall be lawful investments and may be accepted as security for all fiduciary, trust, and public funds, the investment or deposit of which shall be under the authority and control of the United States or any officer or officers thereof. All such obligations issued pursuant to this section shall be exempt securities within the meaning of laws administered by the Securities and Exchange Commission.

Cross-references

Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.

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

45 U.S.C. § 702 — Definitions

As used in this chapter, unless the context otherwise requires— (1) “Association” means the United States Railway Association, established under [section 711 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section711&num=0&edition=prelim); (2) “Commission” means the Interstate Commerce Commission; (3) “Commuter authority” means any State, local, or regional authority, corporation, or other entity established for purposes of providing commuter service, and includes the Metropolitan Transportation Authority, the Connecticut Department of Transportation, the Maryland Department of Transportation, the Southeastern Pennsylvania Transportation Authority, the New Jersey Transit Corporation, the Massachusetts Bay Transportation Authority, the Port Authority Trans-Hudson Corporation, any successor agencies, and any entity created by one or more such agencies for the purpose of operating, or contracting for the operation of, commuter service; (4) “Commuter service” means short-haul rail passenger service operated in metropolitan and suburban areas, whether within or across the geographical boundaries of a State, usually characterized by reduced fare, multiple-ride, and commutation tickets, and by morning and evening peak period operations; (5) “Corporation” means the Consolidated Rail Corporation required to be established under [section 741 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section741&num=0&edition=prelim) or its successor by merger, consolidation or other form of succession carried out under applicable law for the purpose of changing the State of its incorporation; (6) “effective date of the final system plan” means the date on which the final system plan or any revised final system plan

Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 702

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 1341

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

45 U.S.C. § 721 — Loans

**(a) General** The Association is authorized, in accordance with the provisions of this section and such rules and regulations as it shall prescribe, to make loans to the Corporation, the National Railroad Passenger Corporation, and other railroads (including a railroad in reorganization which has been found to be reorganizable under section 77 of the Bankruptcy Act pursuant to [section 717(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section717/b&num=0&edition=prelim)) in the region, for purposes of achieving the goals of this chapter; to a State or local or regional transportation authority pursuant to section 763 11 See References in Text note below. of this title; and to provide assistance in the form of loans to any railroad which (A) connects with a railroad in reorganization, and (B) is in need of financial assistance to avoid reorganization proceedings under section 77 of the Bankruptcy Act. No such loan shall be made by the Association to a railroad unless such loans shall, where applicable, be treated as an expense of administration. The rights referred to in the last sentence of section 77(j) of the Bankruptcy Act shall in no way be affected by this chapter. **(b) Applications** Each application for such a loan shall be made in writing to the Association in such form and with such content and other submissions as the Association shall prescribe to protect reasonably the interests of the United States. The Association shall publish a notice of the receipt of each such application in the Federal Register and shall afford interested persons an opportunity to comment thereon. **(c) Terms and conditions** Each loan shall be extended in such form, under such terms and conditions, and pursuant to such regulations as the A

Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 721

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

45 U.S.C. § 746 — Certificates of value

**(a) General** On the date when the Corporation is required to deposit securities with the special court pursuant to [section 743(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section743/a/1&num=0&edition=prelim), the Association shall deposit with the special court the certificates of value of the Association required by this section. The Secretary shall guarantee the payment of all certificates of value delivered in accordance with this subchapter. All guarantees entered by the Secretary under this section shall constitute general obligations of the United States of America for the payment or redemption of which its full faith and credit are pledged. Such guarantees shall be valid and incontestable except as to mutual mistake of fact or as to fraud or material misrepresentation by the holder of such certificates or the transferor of rail properties to which certificates of value of any series so guaranteed are issued. **(b) Number and distribution** A separate series of certificates of value shall be issued to each railroad in reorganization in the region and each person leased, operated, or controlled by such a railroad that transfers rail properties to the Corporation or a subsidiary thereof. The number of certificates of value of each series to be deposited pursuant to subsection (a) shall be equal to the number of shares of series B preferred stock of the Corporation which are required to be deposited by the Corporation with the special court, pursuant to [section 743(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section743/a/1&num=0&edition=prelim) in exchange for the rail properties transferred to the Corporation or a subsidiary thereof by such transferor. Certificates of v

Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 746

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

45 U.S.C. § 791 — Relationship to other laws

**(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

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

Source: Supplied U.S. Code snapshot — release unconfirmed · 11 U.S.C. § 1170

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

45 U.S.C. § 720 — Obligations of Association

Page 172 TITLE 45—RAILROADS § 720 effective 90 days after Oct. 19, 1996. See subsec. (b)(2) of this section. § 720. Obligations of Association (a) General To carry out the purposes of this chapter, the Association is authorized to issue bonds, deben- tures, trust certificates, securities, or other ob- ligations (herein cited as ‘‘obligations’’) in ac- cordance with this section. Such obligations shall have such maturities and bear such rate or rates of interest as are determined by the Asso- ciation with the approval of the Secretary of the Treasury. Such obligations shall be redeemable at the option of the Association prior to matu- rity in the manner stipulated in each such obli- gation, and may be purchased by the Associa- tion in the open market at a price which is rea- sonable. (b) Maximum obligational authority The aggregate principal amount (exclusive of interest or additions to principal on account of accrual of interest) of obligations issued by the Association under this section which may be outstanding at any one time shall not exceed $395,000,000. No obligations or proceeds thereof shall be issued or made available after February 5, 1976, except— (1) to meet existing or potential commit- ments for loans under section 721 of this title made or applied for prior to January 1, 1976; and (2) for the purpose of providing loans pursu- ant to subsections (g) and (h) of section 721 of this title. (c) Guarantees The Secretary shall guarantee the payment of principal and interest on all obligations issued by the Association in accordance with this chap- ter and which the Association requests be guar- anteed. All guarantees entered into by the Sec- retary under this section shall constitute gen- eral obligations of the United States for the p

Source: Supplied 2024 U.S. Code historical extraction · 45 U.S.C. § 720

Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.