
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 45USC664]

 
                           TITLE 45--RAILROADS
 
                   CHAPTER 15--EMERGENCY RAIL SERVICES
 
Sec. 664. Issuance of obligations to Secretary of the Treasury


(a) Forms and denominations; maturity dates; terms and conditions; 
        interest rate; purchase and sale of obligations by Secretary of 
        the Treasury; authorization of appropriations

    To enable the Secretary to carry out his rights and responsibilities 
under section 662 of this title, he is authorized to issue to the 
Secretary of the Treasury notes or other obligations in such forms and 
denominations, bearing such maturities, and subject to such terms and 
conditions, as may be prescribed by the Secretary with the approval of 
the Secretary of the Treasury. Such notes or other obligations shall 
bear interest at a rate determined by the Secretary of the Treasury, 
taking into consideration the current average market yield on 
outstanding marketable obligations of the United States of comparable 
maturities during the month preceding the issuance of the notes or other 
obligations. The Secretary of the Treasury shall purchase any notes and 
other obligations issued hereunder and for that purpose he is authorized 
to use as a public debt transaction the proceeds from the sale of any 
securities issued under chapter 31 of title 31, and the purposes for 
which securities may be issued under that chapter are extended to 
include any purchase of such notes and obligations. The Secretary of the 
Treasury may at any time sell any of the notes or other obligations 
acquired by him under this subsection. All redemptions, purchases, and 
sales by the Secretary of the Treasury of such notes or other 
obligations shall be treated as public debt transactions of the United 
States. There are authorized to be appropriated to the Secretary such 
sums as may be necessary to pay the principal and interest on the notes 
or obligations issued by him to the Secretary of the Treasury.

(b) Revocation of guarantee; legal effect of guarantee; validity and 
        incontestability of guaranteed certificate

    Any guarantee made by the Secretary under this chapter shall not be 
terminated, canceled, or otherwise revoked, except as provided by the 
terms and conditions prescribed by the Secretary under section 662(d) of 
this title; shall be conclusive evidence that such guarantee complies 
fully with the provisions of this chapter, and of the approval and 
legality of the principal amount, interest rate, and all other terms of 
the certificates and the guarantee; and shall be valid and incontestable 
in the hands of a holder of a guaranteed certificate except for fraud or 
material misrepresentation on the part of such holder.

(c) Enforcement by Attorney General of rights accruing to United States 
        because of guarantee

    The Attorney General shall take such action as may be appropriate to 
enforce any right accruing to the United States by reason of its having 
paid money or incurred expenses as a result of making such guarantees.

(Pub. L. 91-663, Sec. 5, Jan. 8, 1971, 84 Stat. 1976.)

                          Codification

    In subsec. (a), ``chapter 31 of title 31'' and ``that chapter'' 
substituted for ``the Second Liberty Bond Act, as amended'' and ``that 
Act, as amended,'', respectively, on authority of Pub. L. 97-258, 
Sec. 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which 
enacted Title 31, Money and Finance.
