A bill to provide Federal loan guarantee for certain common carriers of express.

Summary

Authorizes the Secretary of Transportation, with the approval of the Secretary of the Treasury, to guarantee any person against loss of principal and interest on securities, obligations, or loans issued to enable certain motor carriers engaged in express service to refinance existing obligations and for other corporate and related purposes consistent with their responsibilities as common carriers. Requires the Secretary to make specified findings in writing before making any guarantee pursuant to this Act including the unavailability of other practicable means of obtaining financial assistance. Specifies additional conditions which must be met regarding any stocks guaranteed under this Act. Stipulates that the aggregate unpaid principal amount of securities, obligations, and loans outstanding at any one time which are guaranteed under this Act may not exceed $25,000,000. Requires the Interstate Commerce Commission to advise the Secretary quarterly regarding the performance of each common carrier applying for assistance under this Act. Authorizes the Secretary to take appropriate action, including the termination of the United States obligation in the event that the common carrier fails to provide reasonably adequate service. Directs the Secretary to report to the President and the Congress within one year after the enactment of this Act regarding the Department's activities pursuant to this Act. Specifies information which must be included in such report.

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1 official file

• Introduced in House

  summary · EN · 4 January 1977

  Open at official source

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