Title 45 — Railroads
Chapter 16 — Regional Rail Reorganization
§ 727. Additional purchases of Series A preferred stock
Statutory text
Federal investment
In addition to the authority provided under section 726 of this title, the Association shall purchase shares of Series A preferred stock and accounts receivable of the Corporation after , in amounts not to exceed a total of $137,000,000.
Accounts receivable
In any further purchase under this section or section 726 of this title the Association shall purchase accounts receivable of the Corporation attributable to the dispute over the right-of-way related costs described in section 1111 1 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.
From funds provided under this section or section 726 of this title, 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.
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 .
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.
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.
Authorization of appropriations
There is authorized to be appropriated not to exceed $262,000,000—
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;
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;
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; and
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 .
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.
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, upon the date of enactment of any Act which reappropriates such amounts.
Footnotes
- 1 See References in Text note below.
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.
Regional Rail Reorganization Act of 1973
Pub. L. 93–236 title II § 217 · 87 Stat. 985
Enacted · 45 U.S.C. § 727
Pub. L. 93–236, title II, § 217, as added Pub. L. 97–35, title XI, § 1140(a), Aug. 13, 1981, 95 Stat. 653
Source evidence
Code source credit
Pub. L. 93–236, title II, § 217, as added Pub. L. 97–35, title XI, § 1140(a), Aug. 13, 1981, 95 Stat. 653Rail Safety and Service Improvement Act of 1982
Pub. L. 97–468 § 504(c)(1) · 96 Stat. 2543
Substituted · 45 U.S.C. § 727(a)
Pub. L. 97–468, § 504(c)(1), substituted “$137,000,000” for “$262,000,000”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 97–468, § 504(c)(1), substituted “$137,000,000” for “$262,000,000”.Enacted provision · exact public law section
(1) Section 217(a) of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 727(a)) is amended by striking “$262,000,000” and inserting in lieu thereof “$137,000,000”.Rail Safety and Service Improvement Act of 1982
Pub. L. 97–468 § 504(c)(2) · 96 Stat. 2543
Amended · 45 U.S.C. § 727(f)
Pub. L. 97–468, § 504(c)(2), designated existing provisions as pars. (1)(A) and (2), in (1)(A) as so designated
Substituted · 45 U.S.C. § 727(f)
Pub. L. 97–468, § 504(c)(2), substituted $137,000,000 for $262,000,000 as limit of appropriations for purchase of securities and accounts receivable
Added · 45 U.S.C. § 727(f)
Pub. L. 97–468, § 504(c)(2), added pars. (1)(B) to (D) and (3)
Source evidence
Code amendment note
Subsec. (f). Pub. L. 97–468, § 504(c)(2), designated existing provisions as pars. (1)(A) and (2), in (1)(A) as so designated, substituted $137,000,000 for $262,000,000 as limit of appropriations for purchase of securities and accounts receivable, and added pars. (1)(B) to (D) and (3).Enacted provision · exact public law section
(2) 95 Stat. 653. Section 217(0 of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 727(f)) is amended to read as follows: “(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 title IV of this Act; 45 USC 761. “(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; 95 Stat. 652. 45 USC 744a, note. “(C) of which not to exceed $35,000,000 shall be appropriated to the Secretary to be allocated for employee protection under section 106 of the Rock Island Railroad Transition and Employee Assistance Act (45 U.S.C. 1005); 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 216(g)(2) of this Act, upon the date of enactment of any Act which reappropriates 45 USC 726. such amounts.”.Conrail Privatization Act
Pub. L. 99–509 § 4033(b)(2) · 100 Stat. 1874
Substituted · 45 U.S.C. § 727(c)
Pub. L. 99–509, § 4033(b)(2), substituted “applicable to any taxable period commencing before January 1, 1987” for “, until the property of the Corporation is transferred by the Secretary under subchapter IV of this chapter”
Source evidence
Code amendment note
Subsec. (c). Pub. L. 99–509, § 4033(b)(2), substituted “applicable to any taxable period commencing before January 1, 1987” for “, until the property of the Corporation is transferred by the Secretary under subchapter IV of this chapter”.Enacted provision · exact public law section
(2) Section 217(c) of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 727(c)) is amended by striking “, until the property” and all that follows, and inserting in lieu thereof “applicable to any taxable period commencing before January 1, 1987.”.Conrail Privatization Act
Pub. L. 99–509 § 4033(b)(3) · 100 Stat. 1874
Struck · 45 U.S.C. § 727(e)
Pub. L. 99–509, § 4033(b)(3), struck out “and shall collect” after “right to collect”
Source evidence
Code amendment note
Subsec. (e). Pub. L. 99–509, § 4033(b)(3), struck out “and shall collect” after “right to collect”.Enacted provision · exact public law section
(3) Section 217(e) of such Act (45 U.S.C. 727(e)) is amended by striking “and shall collect”.
6 of 7 references resolved to an enrolled provision · 1 partial
Editorial Notes
References in Text
Section 1111 of this title, referred to in subsec. (b)(1), was repealed by Pub. L. 105–134, title IV, § 408, , 111 Stat. 2586.
Subchapter IV of this chapter, referred to in subsec. (f)(1)(A), was repealed by Pub. L. 99–509, title IV, § 4033(a)(1), , 100 Stat. 1908.
Section 1139(b) of the Northeast Rail Service Act of 1981, referred to in subsec. (f)(1)(B), is section 1139(b) of Pub. L. 97–35, title XI, , 95 Stat. 652, which is set out as a note under section 744a of this title.
Amendments1983–1986 · 2 rounds
1986
Subsec. (c). Pub. L. 99–509, § 4033(b)(2), substituted “applicable to any taxable period commencing before ” for “, until the property of the Corporation is transferred by the Secretary under subchapter IV of this chapter”.
Subsec. (e). Pub. L. 99–509, § 4033(b)(3), struck out “and shall collect” after “right to collect”.
1983
Subsec. (a). Pub. L. 97–468, § 504(c)(1), substituted “$137,000,000” for “$262,000,000”.
Subsec. (f). Pub. L. 97–468, § 504(c)(2), designated existing provisions as pars. (1)(A) and (2), in (1)(A) as so designated, substituted $137,000,000 for $262,000,000 as limit of appropriations for purchase of securities and accounts receivable, and added pars. (1)(B) to (D) and (3).
Statutory Notes and Related Subsidiaries
Effective Date
Section effective , see section 1169 of Pub. L. 97–35, set out as a note under section 1101 of this title.
Abolition of Interstate Commerce Commission and Transfer of Functions
Interstate Commerce Commission abolished and functions of Commission transferred, except as otherwise provided in Pub. L. 104–88, to Surface Transportation Board effective , by section 1302 of Title 49, Transportation, and section 101 of Pub. L. 104–88, set out as a note under section 1301 of Title 49. References to Interstate Commerce Commission deemed to refer to Surface Transportation Board, a member or employee of the Board, or Secretary of Transportation, as appropriate, see section 205 of Pub. L. 104–88, set out as a note under section 1301 of Title 49.
Abolition of United States Railway Association and Transfer of Functions and Securities
Credits
1981–1986 · 3 acts
- 1981Pub. L. 93–236, title II, § 217, as added Pub. L. 97–35, title XI, § 1140(a), , 95 Stat. 653
- 1983amended Pub. L. 97–468, title V, § 504(c), , 96 Stat. 2552
- 1986Pub. L. 99–509, title IV, § 4033(b)(2), (3), , 100 Stat. 1908.
Show as published
(Pub. L. 93–236, title II, § 217, as added Pub. L. 97–35, title XI, § 1140(a), , 95 Stat. 653; amended Pub. L. 97–468, title V, § 504(c), , 96 Stat. 2552; Pub. L. 99–509, title IV, § 4033(b)(2), (3), , 100 Stat. 1908.)