A bill to authorize the Secretary of Transportation to make a loan of $100 million to the Chicago, Rock Island, and Pacific Railroad Co.

Summary

Authorizes the Secretary of Transportation to make a loan of $100,000,000 to the Chicago, Rock Island and Pacific Railroad Company. Requires the Secretary to obtain satisfactory assistance from the company that no less than two-thirds of such loan will be utilized for capital expenditures or expenditures for maintenance of property within three years from the date of the loan. Directs the Secretary to obtain the best security practicable from the Company as assistance for the loan. Provides that the Secretary shall determine the rate of interest which the loan shall bear. Directs the Secretary to formulate appropriate regulations to carry out the purposes of this Act. Authorizes the Secretary to take such enforcement action as he deems appropriate. States that the Secretary shall, within one year after the enactment of this Act, report to the President and the Congress with respect to his activities pursuant to this Act. Gives the Comptroller General of the United States access to such information as he determines necessary to audit financial transactions of the Secretary. Authorizes appropriation of such sums as may be necessary to carry out this Act in addition to the amount set forth for the loan.

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1 official file

• Introduced in House

  summary · EN · 9 April 1975

  Open at official source

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