1 2 6 ASSISTANCE OF DEPARTMENTS OR OTHER AGENCIES SEC. 8. (a) In carrying out the provisions of this Act, 3 the Secretary may use available services and facilities of other departments, agencies, and instrumentalities of the 5 Federal Government, with their consent and on a reimburs6 able basis. 7 (b) Departments, agencies, and instrumentalities of the 8 Federal Government shall exercise their powers, duties, and 9 functions in such manner as will assist in carrying out the 10 objectives of this Act. 11 1121 REVOLVING FUND SEC. 9. The guarantee fees collected under section 4, to 13 gether with other receipts arising out of this Act (including 14 sums borrowed under section 7), shall be placed in a sepa15 rate fund in the United States Treasury. Such fund shall be 16 available, without fiscal year limitation, for payments re17 quired under the guarantees, for the repayment of sums bor18 rowed under section 7 (including interest thereon), and for 19 administrative expenses and such other expenditures as may 20 be necessary, in the Secretary's judgment, to facilitate the 21 prudent administration of this Act. 22 APPROPRIATIONS 23 SEC. 10. There are authorized to be appropriated to the 24 Secretary such sums as may be necessary for administrative 25 expenses incident to the administration of this Act. 2 SEC. 11. The Secretary shall transmit to the Congress, 3 one year following the date of enactment of this Act and 4 annually thereafter, reports on the administration of this Act. 5 6 EXPIRATION OF GUARANTEE AUTHORITY SEC. 12. The authority contained in section 4 of this 7 Act shall expire five years after the date of its enactment. 91ST CONGRESS 2D SESSION S. 4014 IN THE SENATE OF THE UNITED STATES JUNE 23, 1970 Mr. JAVITS (for himself and Mr. GOODELL) introduced the following bill; which was read twice and referred to the Committee on Commerce A BILL To authorize the Secretary of Transportation to guarantee loans to rail carriers to assist them in the performance of transportation services necessary to the maintenance of a national transportation system, and for other purposes and to establish a joint congressional committee to carry out a study and investigation for the purpose of making recommendations for the solution of the problems of the Nation's railroads. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 That this Act may be cited as the "Emergency Transporta4 tion Assistance Act of 1970". 1 2 2 TITLE I-EMERGENCY LOAN GUARANTEE AUTHORITY 3 SEC. 101. It is the purpose of this title to provide for 4 emergency financial assistance to rail carriers to aid them 5 to meet temporary and urgent financial requirements which, 6 if not met, might seriously impair their ability to perform those 7 transportation services necessary to the maintenance of a na8 tional transportation system adequate to meet the needs of 9 the commerce of the United States, the postal service, and 10 the national defense. 11 12 13 14 15 16 17 18 19 DEFINITIONS SEC. 102. For the purposes of this Act (1) The term "Secretary" means the Secretary of Transportation; (2) The term "rail carrier" means any common carrier by railroad subject to part I of the Interstate Commerce Act (49 U.S.C. 1-27). GUARANTEES SEC. 103. (a) To carry out the purpose of this title, the 20 Secretary is authorized to guarantee, in whole or in part, 21 22 payment of principal and interest on loans made to rail car riers. Before making a guarantee under this section, the Sec23 retary must find, in writing, that— (1) the loan is necessary to carry out the purposes 24 1 2 3 4 5 6 7 8 9 10 11 3 (2) the loan is not otherwise available on reason able terms and conditions; and (3) the general financial condition of the rail car rier, upon obtaining the loan to be guaranteed, would be such as to hold out a reasonable assurance of its ability to repay the loan within the time fixed therefor and reasonable protection to the United States. A railroad in reorganization pursuant to Bankruptcy Act is not ineligible to receive a loan guaranteed under this title if the Secretary makes the other findings required by this section. 12 A loan guaranteed under this title may not bear interest 13 at a rate exceeding such per centum per annum as the Sec14 retary deems reasonable, taking into account the range of 15 interest rates prevailing in the private market for similar 16 loans and the risks assumed by the Federal Government; 17 nor may its maturity date, including all extensions and re18 newals thereof, be later than fifteen years from the date of 19 original issuance. The Secretary shall require that any loan. 20 guaranteed pursuant to this title be used solely for railroad 21 transportation purposes and may prescribe such other terms 22 and conditions as he deems appropriate to ensure that the 23 purpose of this Act is met. The Secretary may prescribe 24 and collect from the lender a guarantee fee at a reasonable |