A bill to further amend the act of March 12, 1914, as amended, to authorize the financing of capital improvements on the Alaska Railroad.

Summary

Authorizes the Secretary of Transportation to borrow money; issue obligations; lease equipment; and pledge or mortgage railroad properties in order to finance capital improvements on the Alaska Railroad or to acquire rolling stock or other necessary equipment. Stipulates that obligations or leases issued or entered into, shall have a maturity date no later than 20 years from the date of issuance, or the useful life of the property acquired or leased. Limits the total face value of obligations issued to $150,000,000. Authorizes the Secretary of Transportation to pay the holders of obligations in the event that railroad revenues are insufficient. Directs the Secretary of Transportation to issue notes on other obligations in denominations sufficient to meet payments due on obligations to the Secretary of the Treasury. Requires the Secretary of the Treasury to buy such notes and, for that purpose, is authorized to use as a public debt transaction the proceeds from the sales of any securities issued under the Second Liberty Bond Act.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 1 February 1977

  Open at official source

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