§ 725. Interim agreements

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1974

   Regional Rail Reorganization Act of 1973

   Pub. L. 93–236 title II § 215 · 87 Stat. 985

   Enacted · 45 U.S.C. § 725

   Pub. L. 93–236, title II, § 215, Jan. 2, 1974, 87 Stat. 1004

   Source evidence

   Code source credit
   Pub. L. 93–236, title II, § 215, Jan. 2, 1974, 87 Stat. 1004

   Enacted provision · exact public law section
   Sec. 215. maintenance and improvement of plant Prior to the date upon which rail properties are conveyed to the Corporation under this Act, the Secretary, with the approval of. the Association, is authorized to enter into agreements with railroads in reorganization in the region (or railroads leased, operated, or controlled by railroads in reorganization) for the acquisition, maintenance, or improvement of railroad facilities and equipment necessary to improve property that will be in the final system plan. Agreements entered into pursuant to this section shall specifically identify the type and quality of improvements to be made pursuant, to such agreements. Notwithstanding section 210(b) of this title, the Association shall issue obligations under section 210(a) of this title in an amount sufficient to finance such agreements and shall require the Corporation to assume any such obligations. However, the Association may not issue obligations under this section in an aggregate amount in excess of $150,000,000. The Secretary may not enter into any agreements under this section until he issues regulations setting forth procedures and guidelines for the administration of this section. The Corporation shall not be required under title III of this Act to compensate any railroad in reorganization for that portion of the value of rail properties transferred to it under this Act which is attributable to the acquisition, maintenance, or improvement of such properties under this section.

2. 1975

   Regional Rail Reorganization Act Amendments of 1975

   Pub. L. 94–5 § 7 · 89 Stat. 7

   1. Substituted · 45 U.S.C. § 725

      Pub. L. 94–5 expanded provisions covering interim agreements for the acquisition, maintenance, and improvement of railroad properties, substituted provisions setting out the requisite conditions of such agreements for provisions making only a general requirement that such agreements identify the type and quality of improvements to be made, raised from $150,000,000 to $300,000,000 the maximum amount of outstanding obligations

   2. Substituted · 45 U.S.C. § 725

      Pub. L. 94–5 expanded provisions covering interim agreements for the acquisition, maintenance, and improvement of railroad properties, substituted provisions directing the Association in the final system plan to designate that portion of the obligations which shall be refinanced and that portion from which the Corporation shall be released of its obligations for provisions prohibiting the Secretary’s entry into agreements unless he issues regulations setting forth procedures and guidelines for the administration of this section

   3. Substituted · 45 U.S.C. § 725

      Pub. L. 94–5 expanded provisions covering interim agreements for the acquisition, maintenance, and improvement of railroad properties, substituted provisions authorizing the Secretary to convey to the Corporation property or interests held by the Secretary pursuant to this section or section 723 of this title for provisions relieving the Corporation of the duty of compensating railroads in reorganization for that portion of transferred properties attributable to the acquisition, maintenance, or improvement of such properties under this section

   Source evidence

   Code amendment note
   Pub. L. 94–5 expanded provisions covering interim agreements for the acquisition, maintenance, and improvement of railroad properties, substituted provisions setting out the requisite conditions of such agreements for provisions making only a general requirement that such agreements identify the type and quality of improvements to be made, raised from $150,000,000 to $300,000,000 the maximum amount of outstanding obligations, and substituted provisions directing the Association in the final system plan to designate that portion of the obligations which shall be refinanced and that portion from which the Corporation shall be released of its obligations for provisions prohibiting the Secretary’s entry into agreements unless he issues regulations setting forth procedures and guidelines for the administration of this section, substituted provisions authorizing the Secretary to convey to the Corporation property or interests held by the Secretary pursuant to this section or section 723 of this title for provisions relieving the Corporation of the duty of compensating railroads in reorganization for that portion of transferred properties attributable to the acquisition, maintenance, or improvement of such properties under this section.

   Enacted provision · exact public law section
   Sec. 7. Section 215 of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 725) is amended to read us follows: “Sec. 215. “interim agreements (a) Purposes.— Prior to the date upon which rail properties are conveyed to the Corporation under this Act, 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 Act; “(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 arc conveyed under this Act, 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 206(f) or 303(c) of this Act, the 45 USC 716. Infra. 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 210(b) of this title, 45 USC 720. the Association shall issue obligations under section 210(a) of this title in an amount sufficient to finance such agreements and shall require the Corporation to assume any such obligations. The aggregate Limitation. amount of obligations issued under this section and outstanding at any one time shall not exceed $300,000,000, The Association, with the approval o f 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, 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 213 of this Act.”. Ante, p. 8. Proceeds for maintenance or improvement. 45 USC 743.

3. 1976

   Railroad Revitalization and Regulatory Reform Act of 1976

   Pub. L. 94–210 title VI § 607(i) · 90 Stat. 31

   Inserted · 45 U.S.C. § 725(d)

   Pub. L. 94–210 inserted “or any subsidiary thereof” after “Corporation”

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 94–210 inserted “or any subsidiary thereof” after “Corporation”.

   Enacted provision · exact public law section
   (i) Sections 206(d)(1). 209 (c) and (d), 215(d). 304(e), and 501 (1) and (2) of such Act (45 U.S.C. 716(d)(1), 719(c) and (d), 744 (e), and 771 (1) and (2)) are amended by inserting after “Corporation” 45 USC 716, 719, 725, 744, 771. each time it appeal’s the following: “or any subsidiary thereof”.

5 of 5 references resolved to an enrolled provision