Chapter 15, Section 662, Subsection (a) · 45 U.S.C. Chapter 15 — EMERGENCY RAIL SERVICES

Contents

(a)The trustees of any railroad undergoing reorganization under section 77 of the Bankruptcy Act, as amended, upon approval of the court, may apply to the Secretary for the guarantee of certificates. The Secretary, after consultation with the Board, is authorized to guarantee such certificates upon findings in writing that—

(1)cessation of essential transportation services by the railroad would endanger the public welfare;

(2)cessation of such services is imminent;

(3)there is no other practicable means of obtaining funds to meet payroll and other expenses necessary to provide such services than the issuance of such certificates;

(4)such certificates cannot be sold without a guarantee;

(5)the railroad can reasonably be expected to become self-sustaining; and

(6)the probable value of the assets of the railroad in the event of liquidation provides reasonable protection to the United States.

The Secretary shall publish notice of his intention to make such finding in the Federal Register not less than fifteen days prior to such finding, give interested persons, including agencies of the Federal Government, an opportunity to submit written data, views, or arguments (with or without opportunity for oral presentation), and give consideration to the relevant matter presented. The Secretary for good cause shown and upon a finding that extraordinary circumstances warrant doing so may waive the requirements of the preceding sentence. Notwithstanding any other provision of this section, the Secretary, in guaranteeing certificates under this section, is authorized to waive the findings required by paragraphs (1), (5), and (6) of this subsection.

United States Government work; public domain under 17 U.S.C. § 105.