S.2962 - Non Carrier Railroad Acquisition Act of 198096th Congress (1979-1980)
|Sponsor:||Sen. Culver, John C. [D-IA] (Introduced 07/24/1980)|
|Committees:||Senate - Commerce, Science, and Transportation|
|Latest Action:||Senate - 07/24/1980 Referred to Senate Committee on Commerce, Science, and Transportation. (All Actions)|
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Summary: S.2962 — 96th Congress (1979-1980)All Information (Except Text)
Introduced in Senate (07/24/1980)
Non Carrier Railroad Acquisition Act of 1980 - Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to require the Secretary of Transportation to purchase: (1) not less than $50,000,000 in redeemable preference shares or trustee certificates convertible to specified redeemable preference shares as necessary for the purchase, lease, or rehabilitation of properties of the Rock Island Railroad by noncarrier entities to be used for common carrier rail service; and (2) not more than $36,000,000 in such preference shares or trustee certificates as necessary for the purchase of properties of the Milwaukee Railroad by responsible noncarrier entities to be used for common carrier rail service.
Directs that a specified portion of such funding be made available from net revenues from the windfall profits tax allocated for energy and transportation programs.