
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 45USC1301]

 
                           TITLE 45--RAILROADS
 
                    CHAPTER 22--CONRAIL PRIVATIZATION
 
                    SUBCHAPTER I--GENERAL PROVISIONS
 
Sec. 1301. Findings

    The Congress finds that--
        (1) the bankruptcy of the Penn Central and other railroads in 
    the Northeast and Midwest resulted in a transportation emergency 
    which required the intervention of the Federal Government;
        (2) the United States Government created the Consolidated Rail 
    Corporation, which provides essential rail service to the Northeast 
    and Midwest;
        (3) the future of rail service in the Northeast and Midwest is 
    essential and must be protected through rail service obligations, 
    consistent with the transfer of the Corporation to the private 
    sector;
        (4) the Northeast Rail Service Act of 1981 has achieved its 
    purpose in allowing the Corporation to become financially self-
    sustaining;
        (5) the Federal Government has invested over $7,000,000,000 in 
    providing rail service to the Northeast and Midwest;
        (6) the Government, as a result of its ownership and investment 
    of taxpayer dollars in the Corporation, controls substantial assets, 
    including cash of approximately $1,000,000,000;
        (7) the Corporation's viability and sound performance allow it 
    to be sold to the American public for a substantial sum through a 
    public offering;
        (8) a public offering of the Corporation's stock will preserve 
    competitive rail service in the region, provide a reasonable return 
    to the Government, and protect employment;
        (9) the Corporation's employees contributed significantly to the 
    turnaround in the Corporation's financial performance and they 
    should share in the Corporation's success through a settlement of 
    their claims for reimbursement for wages below industry standard, 
    and a share in the common equity of the Corporation;
        (10) the requirements of section 761(e) \1\ of this title are 
    met by this chapter; and
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    \1\ See References in Text note below.
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        (11) the Secretary of Transportation has discharged the 
    responsibilities of the Department of Transportation under the 
    Northeast Rail Service Act of 1981 with respect to the sale of the 
    Corporation as a single entity.

(Pub. L. 99-509, title IV, Sec. 4002, Oct. 21, 1986, 100 Stat. 1893.)

                       References in Text

    The Northeast Rail Service Act of 1981, referred to in pars. (4) and 
(11), is subtitle E of title XI of Pub. L. 97-35, Secs. 1131-1169, Aug. 
13, 1981, 95 Stat. 643, as amended. For complete classification of this 
Act to the Code, see Short Title note set out under section 1101 of this 
title and Tables.
    Section 761 of this title, referred to in par. (10), was repealed by 
Pub. L. 99-509, title IV, Sec. 4033(a)(1), Oct. 21, 1986, 100 Stat. 
1908.
    This chapter, referred to in par. (10), was in the original ``this 
subtitle'' meaning subtitle A (Secs. 4001-4052) of title IV of Pub. L. 
99-509, Oct. 21, 1986, 100 Stat. 1892, known as the Conrail 
Privatization Act, which is classified principally to this chapter. For 
complete classification of subtitle A to the Code, see Short Title note 
set out below and Tables.


                               Short Title

    Section 4001(a) of subtitle A (Secs. 4001-4052) of title IV of Pub. 
L. 99-509 provided that: ``This subtitle [enacting this chapter, 
amending sections 702, 726, 727, 741, 797, 821, 825, 829, 831, 1105, 
1115, and 1116 of this title and sections 10362 and 10713 of Title 49, 
Transportation, repealing sections 761 to 769c, 797l, 825a, 1107, 1110, 
and 1114 of this title, and enacting provisions set out as a note under 
section 797 of this title] may be cited as the `Conrail Privatization 
Act'.''
