
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: 49USC24907]

 
                        TITLE 49--TRANSPORTATION
 
                        SUBTITLE V--RAIL PROGRAMS
 
                    PART C--PASSENGER TRANSPORTATION
 
           CHAPTER 249--NORTHEAST CORRIDOR IMPROVEMENT PROGRAM
 
Sec. 24907. Note and mortgage

    (a) General Authority.--To secure amounts expended by the United 
States Government to acquire and improve rail property designated under 
section 206(c)(1)(C) and (D) of the Regional Rail Reorganization Act of 
1973 (45 U.S.C. 716(c)(1)(C) and (D)), the Secretary of Transportation 
may obtain a note of indebtedness from, and make a mortgage agreement 
with, Amtrak to establish a mortgage lien on the property for the 
Government. The note and mortgage may not supersede section 24904 of 
this title.
    (b) Exemptions From Laws and Regulations.--The note and agreement 
under subsection (a) of this section, and a transaction related to the 
note or agreement, are exempt from any United States, State, or local 
law or regulation that regulates securities or the issuance of 
securities. The note, agreement, or transaction under this section has 
the same immunities from other laws that section 601 of the Act (45 
U.S.C. 791) gives to transactions that comply with or carry out the 
final system plan. The transfer of rail property because of the note, 
agreement, or transaction has the same exemptions, privileges, and 
immunities that the Act (45 U.S.C. 701 et seq.) gives to a transfer 
ordered or approved by the special court under section 303(b) of the Act 
(45 U.S.C. 743(b)).
    (c) Immunity From Liability and Indemnification.--Amtrak, its board 
of directors, and its individual directors are not liable because Amtrak 
has given or issued the note or agreement to the Government under 
subsection (a) of this section. Immunity granted under this subsection 
also applies to a transaction related to the note or agreement. The 
Government shall indemnify Amtrak, its board, and individual directors 
against costs and expenses actually and reasonably incurred in defending 
a civil action testing the validity of the note, agreement, or 
transaction.

(Pub. L. 103-272, Sec. 1(e), July 5, 1994, 108 Stat. 936.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised  Section                    Source (U.S. Code)              
 Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
24907(a)..............................  45:854(e).                       Feb. 5
, 1976, Pub. L. 94-210, 90 Stat.
                                                                          31, S
ec.  704(e)-(g); added Oct. 19,
                                                                          1976,
 Pub. L. 94-555, Sec.  217(c), 90
                                                                          Stat.
 2627.
24907(b)..............................  45:854(f).
24907(c)..............................  45:854(g).
-------------------------------------------------------------------------------
---------------------------------

    In subsection (a), the words ``In order . . . protect and'', 
``securing such expenditure'', ``infringe upon or'', and ``the authority 
conferred upon the National Railroad Passenger Corporation by'' are 
omitted as surplus.
    In subsections (b) and (c), the words ``note'' and ``agreement'' are 
substituted for ``agreement, security, or obligation'' for consistency 
because the Secretary of Transportation gets only notes and mortgage 
agreements under the source provisions restated in subsection (a) of 
this section.
    In subsection (b), the words ``obtained by the Secretary'' and ``the 
provisions of subtitle IV of title 49, the Securities Act of 1933 (15 
U.S.C. 77a et seq.), and . . . other'' are omitted as surplus. The words 
``has the same'' are substituted for ``shall enjoy all of the'' for 
clarity. The words ``conveyance or'' are omitted, and the word 
``transfer'' is substituted for ``conveyances'', for consistency in this 
subtitle. The words ``(including section 303(e) thereof [45 U.S.C. 
743(e)])'' are omitted as surplus. The words ``section 303(b)'' are 
substituted for ``section 306(b)'' to correct a mistake in section 
217(c) of the Rail Transportation Improvement Act (Public Law 94-555, 90 
Stat. 2628).
    In subsection (c), the words ``to any party for any damages, or in 
any other matter'' are omitted as surplus. The word ``because'' is 
substituted for `by reason of the fact that'' to eliminate unnecessary 
words. The words ``related to the note or agreement'' are substituted 
for ``in connection with'' for clarity. The words ``all'' and 
``(including fees of accountants, experts, and attorneys)'' are omitted 
as surplus. The words ``a civil action'' are substituted for ``any 
litigation'' for consistency with rule 2 of the Federal Rules of Civil 
Procedure (28 App. U.S.C.). The words ``legal'' and ``given, issued, or 
entered into'' are omitted as surplus.

                       References in Text

    The Regional Rail Reorganization Act of 1973, referred to in 
subsecs. (a) and (b), is Pub. L. 93-236, Jan. 2, 1974, 87 Stat. 985, as 
amended, which is classified principally to chapter 16 (Sec. 701 et 
seq.) of Title 45, Railroads. For complete classification of this Act to 
the Code, see Short Title note set out under section 701 of Title 45 and 
Tables.

 Abolition of Special Court, Regional Rail Reorganization Act of 1973, 
                        and Transfer of Functions

    Special court abolished and all jurisdiction and functions 
transferred to United States District Court for District of Columbia, 
see section 719(b)(2) of Title 45, Railroads.

                  Section Referred to in Other Sections

    This section is referred to in title 45 section 719.
