An act to provide for the orderly restructuring of the Milwaukee Railroad, and for the protection of the employees of such railroad.

Summary

Milwaukee Railroad Restructuring Act - Authorizes the bankruptcy court to allow the abandonment of the lines of the Milwaukee Railroad if an employee ownership or employee-shipper ownership arrangement is not implemented by a specified date. Stipulates that, pending the expiration of the time for appeal of such an order, the court may authorize the termination of service on a line to be abandoned. Stipulates that such order may not be stayed. Directs the Interstate Commerce Commission to give preference to proceedings involving the sale or transfer of a line of a railroad in reorganization. Sets forth time limits regarding such proceedings. Authorizes a bankruptcy court, upon the date of enactment of this Act, to authorize the abandonment of lines of railroad in any case pending under the Bankruptcy Act. Stipulates that, pending the expiration of the time for appeal of such an order, the court may authorize the termination of service on a line to be abandoned. Stipulates that such an order may not be stayed. Authorizes an association of representatives of national railway labor organizations, employee coalitions, and shippers to submit to the Commission a single plan for converting all or substantially all of the Milwaukee Railroad into an employee or employee-shipper-owned company. Stipulates that such a plan must be submitted by December 1, 1979. Directs the Commission, within 30 days, to approve such a plan if: (1) adequate financing is available to the proponents of such plan; (2) the plan is fair and equitable to the railroad's creditors; (3) implementation of such plan will occur by March 1, 1980; (4) the railroad can be operated on a self-sustaining basis; and (5) the plan contains an assessment of all operating practices including the implementation of changes designed to achieve the greatest possible labor productivity increases consistent with safe operations and adequate service. Directs the Commission, upon finding that the plan meets such criteria, to submit its findings to the bankruptcy court. Directs the court, within ten days, to determine whether the plan is fair and equitable to the estate of the Milwaukee Railroad. Stipulates that if the court approves such plan the proponents shall implement the plan by March 1, 1980. Amends the Emergency Rail Services Act of 1970 to remove the requirement that Federally guaranteed railroad certificates of railroads in reorganization be treated as an expense of administration and receive the highest priority in bankruptcy if the railroad involved is actively engaged in formulating an employee ownership plan or an employee-shipper ownership plan. Increases the aggregate principal amount of all certificates which may be guaranteed under such Act. Directs the Secretary of Transportation to immediately guarantee trustee certificates of the Milwaukee Railroad to allow the railroad to maintain its rail system. Stipulates that such certificates shall be subordinated to the claims of any creditor's of the railroad which exist on the date of enactment of this Act. Stipulates that an employee of such railroad who elects to receive a separation allowance shall be entitled to receive from the Railroad Retirement Board expenses for training in qualified institutions for new career opportunities. Authorizes appropriations for such purpose. Directs the Secretary, pursuant to the Railroad Revitalization and Regulatory Reform Act of 1976 to guarantee obligations of such railroad in order to provide protection for employees affected by restructuring, transactions, or reductions in service by such railroad. Directs the Secretary to guarantee obligations of the railroad to finance an equipment repair program for the railroad, or its successors, during the remainder of 1979 and 1980. Stipulates that the obligations guaranteed for such repair program and for employee protection arrangements shall be subordinated to the claims of any creditor of the railroad existing on the date of enactment of this Act. Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to authorize the Secretary to purchase redeemable preference shares or trustee certificates which are convertible to such shares to facilitate the rehabilitation and improvement of Milwaukee Railroad property that has been sold to another person prior to November 1, 1980, or retained by such railroad so long as such property will be used for continuing rail service. Stipulates that the provisions of the National Environmental Policy Act of 1969 shall not apply to transactions carried out pursuant to this Act. Directs the Milwaukee Railroad to maintain its entire railroad system and continue its level of service until: (1) an employee or employee-shipper ownership plan is not submitted to the Commission in the allotted time; (2) the Commission finds the plan not to be feasible; (3) the bankruptcy court finds that the plan is not fair and equitable to the railroad's creditors; or (4) the plan is not implemented within the allotted time. Amends the Regional Rail Reorganization Act of 1973 to stipulate that the United States Railway Association may increase the principal amount of a loan, in an amount not to exceed $4,000,000 if the railroad is establishing an employee stock ownership plan, that assures by December 31, 1980, the railroad will contribute a specified sum to such plan. Amends the Department of Transportation Act to stipulate that rail service assistance funds which are available for reallocation as of October 1, 1979, shall be reallocated solely to States which require supplementary assistance to mitigate the effects caused by the filing of large-scale abandonments by railroads in liquidation on reorganization.

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

Timeline

1. 17 October 1979

   Introduced

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

   Source: IntroReferral

2. 17 October 1979

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 29 October 1979

   Reported

   Reported to Senate from Committee on Commerce, Science, and Transportation with amendment(without written rept.).

   Source: Committee

4. 29 October 1979

   Reported

   Reported to Senate from Committee on Commerce, Science, and Transportation with amendment(without written rept.).

   Source: Committee

5. 30 October 1979

   Passed

   Measure passed House, amended, in lieu of H. J. Res. 341.

   Source: Floor

6. 30 October 1979

   Floor

   Call of calendar in Senate.

   Source: Floor

7. 30 October 1979

   Passed

   Passed/agreed to in Senate: Measure passed Senate, amended.

   Source: Floor

8. 30 October 1979

   Passed

   Passed/agreed to in House: Measure passed House, amended, in lieu of H. J. Res. 341.

   Source: Floor

9. 30 October 1979

   Floor

   Measure called up by unanimous consent in House.

   Source: Floor

10. 1 November 1979

    ResolvingDifferences

    Conference scheduled in Senate.

    Source: ResolvingDifferences

11. 2 November 1979

    Passed

    Senate agreed to conference report.

    Source: ResolvingDifferences

12. 2 November 1979

    Passed

    Conference report agreed to in Senate: Senate agreed to conference report.

    Source: ResolvingDifferences

13. 2 November 1979

    Passed

    House agreed to conference report.

    Source: ResolvingDifferences

14. 2 November 1979

    Passed

    Conference report agreed to in House: House agreed to conference report.

    Source: ResolvingDifferences

15. 2 November 1979

    ResolvingDifferences

    Conference report filed in House, H. Rept. 96-583.

    Source: ResolvingDifferences

16. 2 November 1979

    ResolvingDifferences

    Conference report filed: Conference report filed in House, H. Rept. 96-583.

    Source: ResolvingDifferences

17. 2 November 1979

    ResolvingDifferences

    Conference scheduled in House.

    Source: ResolvingDifferences

18. 3 November 1979

    President

    Measure enrolled in House.

    Source: President

19. 3 November 1979

    President

    Measure enrolled in Senate.

    Source: President

20. 3 November 1979

    Floor

    Measure presented to President.

    Source: Floor

21. 3 November 1979

    President

    Measure presented to President.

    Source: President

22. 4 November 1979

    President

    Public Law 96-101.

    Source: President

23. 4 November 1979

    President

    Signed by President.

    Source: President

24. 4 November 1979

    Became law

    Signed by President.

    Source: BecameLaw

Votes

No vote records are attached yet.

Versions

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

Documents

5 official files

• Public Law (PDF)

  Public Law · EN · 5 November 1979

  ViewDownloadOpen at official source

• Conference report filed in House

  summary · EN · 2 November 1979

  Open at official source

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• Passed House amended

  summary · EN · 30 October 1979

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• Reported to Senate with amendment(s)

  summary · EN · 29 October 1979

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• Introduced in Senate

  summary · EN · 17 October 1979

  Open at official source

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Sponsors

• Sen. Cannon, Howard W. [D-NV] · D · Sponsor
• Sen. Long, Russell B. [D-LA] · D · Cosponsor
• Sen. Packwood, Bob [R-OR] · R · Cosponsor
• Sen. Durenberger, Dave [R-MN] · R · Cosponsor
• · sscm00 · Standing

Related records

• related to → A joint resolution to require continuation of rail service by the Chicago, Milwaukee, St. Paul and Pacific Railroad for a period of 45 days.

Related across the Repo ecosystem

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