
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: 45USC727]

 
                           TITLE 45--RAILROADS
 
                CHAPTER 16--REGIONAL RAIL REORGANIZATION
 
            SUBCHAPTER II--UNITED STATES RAILWAY ASSOCIATION
 
Sec. 727. Additional purchases of Series A preferred stock


(a) Federal investment

    In addition to the authority provided under section 726 of this 
title, the Association shall purchase shares of Series A preferred stock 
and accounts receivable of the Corporation after August 13, 1981, in 
amounts not to exceed a total of $137,000,000.

(b) Accounts receivable

    (1) In any further purchase under this section or section 726 of 
this title the Association shall purchase accounts receivable of the 
Corporation attributable to the dispute over the right-of-way related 
costs described in section 1111 \1\ of this title until the Commission 
resolves such dispute under such section, and accounts receivable of the 
Corporation attributable to delays in reimbursement from commuter 
authorities.
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    \1\ See References in Text note below.
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    (2) From funds provided under this section or section 726 of this 
title, the Association shall purchase Series A preferred stock of the 
Corporation, to the extent of losses on commuter service, in an amount 
not to exceed $15,000,000.

(c) States and localities

    The Corporation shall be exempt from liability for any State tax, 
except for any tax imposed by any political subdivision of a State 
applicable to any taxable period commencing before January 1, 1987.

(d) Debentures

    The Association shall return debentures to the Corporation in an 
amount equal to the value of the properties conveyed by the Corporation 
to Amtrak Commuter and any commuter authority.

(e) Rights retained

    The Corporation shall retain the right to collect any accounts 
receivable attributable to delays in reimbursement from commuter 
authorities that are purchased by the Association under this section. No 
agency or instrumentality of the United States shall be required to 
collect such accounts.

(f) Authorization of appropriations

    (1) There is authorized to be appropriated not to exceed 
$262,000,000--
        (A) of which not to exceed $137,000,000 shall be appropriated to 
    the Association for purposes of purchasing securities and accounts 
    receivable of the Corporation under this section, such sums to 
    remain available until the Secretary transfers the Corporation under 
    subchapter IV \1\ of this chapter;
        (B) of which not to exceed $75,000,000 shall be appropriated to 
    the Secretary, to facilitate the transfer of rail commuter services 
    from the Corporation to other operators, for distribution under the 
    statutory provisions of section 1139(b) of the Northeast Rail 
    Service Act of 1981;
        (C) of which not to exceed $35,000,000 shall be appropriated to 
    the Secretary to be allocated for employee protection under section 
    1005 of this title; and
        (D) of which not to exceed $15,000,000 shall be appropriated to 
    the Secretary to facilitate the transfer of rail commuter services 
    from railroads that entered reorganization after calendar year 1974 
    to any commuter authority that was providing commuter service, 
    operated by a railroad that entered reorganization after calendar 
    year 1974, as of January 1, 1979.

    (2) All sums received on account of the holding or disposition of 
any securities or accounts receivable referred to in paragraph (1)(A) of 
this subsection shall be deposited in the general fund of the Treasury.
    (3) The amount authorized to be appropriated under paragraph (1)(B) 
of this subsection shall be reduced, in an amount equal to any amounts 
reappropriated under the authority of section 726(g)(2) of this title, 
upon the date of enactment of any Act which reappropriates such amounts.

(Pub. L. 93-236, title II, Sec. 217, as added Pub. L. 97-35, title XI, 
Sec. 1140(a), Aug. 13, 1981, 95 Stat. 653; amended Pub. L. 97-468, title 
V, Sec. 504(c), Jan. 14, 1983, 96 Stat. 2552; Pub. L. 99-509, title IV, 
Sec. 4033(b)(2), (3), Oct. 21, 1986, 100 Stat. 1908.)

                       References in Text

    Section 1111 of this title, referred to in subsec. (b)(1), was 
repealed by Pub. L. 105-134, title IV, Sec. 408, Dec. 2, 1997, 111 Stat. 
2586.
    Subchapter IV of this chapter, referred to in subsec. (f)(1)(A), was 
repealed by Pub. L. 99-509, title IV, Sec. 4033(a)(1), Oct. 21, 1986, 
100 Stat. 1908.
    Section 1139(b) of the Northeast Rail Service Act of 1981, referred 
to in subsec. (f)(1)(B), is section 1139(b) of Pub. L. 97-35, title XI, 
Aug. 13, 1981, 95 Stat. 652, which is set out as a note under section 
744a of this title.


                               Amendments

    1986--Subsec. (c). Pub. L. 99-509, Sec. 4033(b)(2), substituted 
``applicable to any taxable period commencing before January 1, 1987'' 
for ``, until the property of the Corporation is transferred by the 
Secretary under subchapter IV of this chapter''.
    Subsec. (e). Pub. L. 99-509, Sec. 4033(b)(3), struck out ``and shall 
collect'' after ``right to collect''.
    1983--Subsec. (a). Pub. L. 97-468, Sec. 504(c)(1), substituted 
``$137,000,000'' for ``$262,000,000''.
    Subsec. (f). Pub. L. 97-468, Sec. 504(c)(2), designated existing 
provisions as pars. (1)(A) and (2), in (1)(A) as so designated, 
substituted $137,000,000 for $262,000,000 as limit of appropriations for 
purchase of securities and accounts receivable, and added pars. (1)(B) 
to (D) and (3).


                             Effective Date

    Section effective Aug. 13, 1981, see section 1169 of Pub. L. 97-35, 
set out as a note under section 1101 of this title.

  Abolition of Interstate Commerce Commission and Transfer of Functions

    Interstate Commerce Commission abolished and functions of Commission 
transferred, except as otherwise provided in Pub. L. 104-88, to Surface 
Transportation Board effective Jan. 1, 1996, by section 702 of Title 49, 
Transportation, and section 101 of Pub. L. 104-88, set out as a note 
under section 701 of Title 49. References to Interstate Commerce 
Commission deemed to refer to Surface Transportation Board, a member or 
employee of the Board, or Secretary of Transportation, as appropriate, 
see section 205 of Pub. L. 104-88, set out as a note under section 701 
of Title 49.

Abolition of United States Railway Association and Transfer of Functions 
                             and Securities

    See section 1341 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 712, 741, 1005 of this 
title.
