Emergency Rail Assistance Act of 1979

Summary

Emergency Rail Assistance Act of 1979 - Title I: Emergency Rail Services Financial Assistance - Removes the requirement that a trustee certificate issued by a railroad which filed for bankruptcy after October 1, 1977, be treated as an expense of administration and receive the highest lien on the railroad's property and priority in payment before the Secretary of Transportation may guarantee such a certificate. Title II: Directed Service - Stipulates that in the event that the Interstate Commerce Commission directs a rail carrier to continue unprofitable service or to continue discontinued service the amount of payments made to the carrier shall not include a profit margin. Requires the Commission in such an event to assure that there is no erosion of the assets of the directed carrier for such service. Title III: Rehabilitation and Improvement Financing - Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to remove the requirement that the Secretary consider whether a proposed railroad rehabilitation and improvement financing project will return public benefits sufficient to justify its cost in determining whether to provide funding for such a project.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 5 June 1979

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.