A bill to authorize the Secretary of Transportation to make a loan of $100,000,000 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 assurance 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.

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

Timeline

1. 21 March 1975

   Introduced

   Referred to Senate Committee on Commerce.

   Source: IntroReferral

2. 21 March 1975

   Introduced

   Introduced in Senate

   Source: IntroReferral

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 · 21 March 1975

  Open at official source

Sponsors

• Sen. Bartlett, Dewey F. [R-OK] · R · Sponsor
• Sen. McClellan, John L. [D-AR] · D · Cosponsor
• Sen. Clark, Dick [D-IA] · D · Cosponsor
• Sen. Culver, John C. [D-IA] · D · Cosponsor
• Sen. Dole, Robert J. [R-KS] · R · Cosponsor
• Sen. Johnston, J. Bennett [D-LA] · D · Cosponsor
• Sen. Hart, Gary W. [D-CO] · D · Cosponsor
• Sen. Bumpers, Dale [D-AR] · D · Cosponsor
• Sen. Humphrey, Hubert H. [D-MN] · D · Cosponsor
• Sen. Long, Russell B. [D-LA] · D · Cosponsor
• Sen. Tower, John G. [R-TX] · R · Cosponsor
• Sen. Domenici, Pete V. [R-NM] · R · Cosponsor
• Sen. Hruska, Roman L. [R-NE] · R · Cosponsor
• Sen. Mondale, Walter F. [D-MN] · D · Cosponsor
• Sen. Curtis, Carl T. [R-NE] · R · Cosponsor
• Sen. Eagleton, Thomas F. [D-MO] · D · Cosponsor
• · sscm00 · Standing

Related records

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