Milwaukee Railroad and Rock Island Railroad Amendments Act of 1981

Summary

Milwaukee Railroad and Rock Island Railroad Amendments Act of 1981 - Amends the Milwaukee Railroad Restructuring Act to revise procedures by which the Interstate Commerce Commission (ICC) oversees the purchase of bankrupt rail lines by financially responsible persons. Defines a "financially responsible person" as one who is capable of paying the purchase price of a railroad line and the expenses of providing service over the line for at least two years. Amends the Rock Island Railroad Transition and Employee Assistance Act to declare that the ICC's authority to grant temporary operating approval for the use of Rock Island or Milwaukee Railroad facilities shall continue until a plan of reorganization or liquidation is approved by the ICC and the bankruptcy court.

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1 official file

• Introduced in House

  summary · EN · 8 December 1981

  Open at official source

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