A bill to amend the Regional Rail Reorganization Act of 1973 to authorize the Secretary of Transportation to guarantee notes issued to State and local taxing authorities to secure payment of real property tax obligations owed by a railroad in reorganization.

Summary

Amends the Regional Rail Reorganization Act of 1973 to authorize the Secretary of Transportation to guarantee securities and obligations issued by a railroad in reorganization to State and local taxing authorities to secure the railroad's tax obligations when the Consolidated Rail Corporation, the United States Railway Association, or the Federal Government asserts a superior interest in payment out of the estate of such railroad during reorganization or liquidation proceedings under the Bankruptcy Act. Directs the Secretary, if insufficient funds are unavailable to discharge such guarantees, to issue notes or other obligations to the Secretary of the Treasury. Authorizes the Secretary of the Treasury to sell such obligations. Authorizes appropriations in such amounts as may be necessary to discharge all of the Secretary of Transportation's obligations under this Act.

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Timeline

1. 15 September 1977

   Introduced

   Referred to Senate Committee on Commerce, Science, and Transportation.

   Source: IntroReferral

2. 15 September 1977

   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 · 15 September 1977

  Open at official source

Sponsors

• Sen. Weicker, Lowell P., Jr. [R-CT] · R · Sponsor
• Sen. Metzenbaum, Howard M. [D-OH] · D · Cosponsor
• Sen. Heinz, John [R-PA] · R · Cosponsor
• Sen. Javits, Jacob K. [R-NY] · R · Cosponsor
• Sen. Moynihan, Daniel Patrick [D-NY] · D · Cosponsor
• Sen. Pell, Claiborne [D-RI] · D · Cosponsor
• Sen. Sarbanes, Paul S. [D-MD] · D · Cosponsor
• · sscm00 · Standing

Related records

• related to → A bill to amend the Regional Rail Reorganization Act of 1973 to authorize the Secretary of Transportation to guarantee notes issued to State and local taxing authorities to secure payment of real property tax obligations owed by a railroad in reorganization.