73 STAT. 580. 73 STAT. 581. owning or possessing transit facilities, the port of New York authority, any city or county, and the New York city transit authority, whether for the providing or use of facilities, the leasing of lines, the conducting of transit operations, the issuance of tickets, the providing, maintenance and use of stations, the providing of shops and repair facilities and the making of repairs, the fixing of commuter fares and the sharing thereof, or the providing, maintaining and operating of trains, busses, signal systems, parking lots or any other facilities, services, or other relationships necessary to the providing of an adequate system or systems of transit services. "(g) The transportation agency shall have power to expend, or to authorize the expenditure of, funds appropriated to it, but the same shall at all times be within the terms of an annual budget to be adopted in advance for each fiscal period, and which may be amended or modified from time to time. Each state reserves the right to provide by law for the furnishing by the transportation agency of such supporting detail in connection with the preparation or adoption of such budget, as well as to provide for the furnishing by such agency of such audit or audits as such state may consider proper from time to time. "(h) The transportation agency shall have power to make such application to the government of the United States or any branch, department or agency thereof, as may be necessary or advisable to render feasible the achievement of any plan negotiated or prepared by it. "(i) The transportation agency shall have such additional powers and duties as may be provided by concurrent legislation hereafter adopted. "(j) The transportation agency shall have such additional powers, incidental to the express powers granted to it, as may be necessary or proper for the effective performance of its duties and the achievement of its objects. "3.8. Reports. The transportation agency shall make such periodic reports to the governors and legislatures of the two states with respect to its programs, operations, finances and other subjects, at such times as may be required by law of the states respectively from time to time; and in the absence of any such law, shall report at least annually. Such agency may also prepare, publish and distribute such other reports as it may deem necessary or proper. The states respectively reserve the right to require by law the disclosure and furnishing of any information and data and to such person or persons as such laws may provide from time to time. "ARTICLE 4 "FINANCES AND MISCELLANEOUS "4.1. Power to borrow. The transportation agency shall have only such power to borrow money and issue its negotiable bonds and notes as may hereafter be delegated to it by concurrent legislation. "4.2. State and municipal credit excluded. The transportation agency shall have no power to pledge the credit of either state party to this compact or to impose any obligation upon either state, directly or indirectly, or to pledge the credit or impose any obligation upon any county or municipality, unless and until such power shall be expressly granted by concurrent legislation and, where any county or municipality is involved, with its consent and agreement. "4.3. Advances by the states. Each of the states further covenants and agrees to appropriate the sum of twenty-five thousand dollars for the payment of the current operating expenses of the transportation agency for the period beginning with the date on which this compact is approved by the congress and ending on June thirtieth, nineteen hundred sixty; but each state reserves the right to provide by law from time to time for budgetary and audit controls on the expenditure of such appropriations, and of any other funds coming into the hands of the transportation agency. "4.4. Powers of others. Each and every person, corporation or other entity, county, municipal body, and agency of government of either or both of the two states is empowered to negotiate, enter into agreements with the transportation agency, and perform the same in accordance with the provisions of this compact, of any plan approved hereunder, and of any concurrent legislation enacted hereunder. "4.5. The existence of the metropolitan rapid transit commission created by chapter forty-four of the laws of nineteen hundred fiftyfour of the state of New Jersey and by chapter eight hundred one of the laws of nineteen hundred fifty-four of the state of New York is hereby terminated except for the purpose of winding-up, which shall be completed as expeditiously as possible. All books, records, reports, studies, maps, plans, correspondence, files, and papers of whatever kind whatsoever in the hands of said commission shall be turned over to the transportation agency and any property remaining in the hands of said commission shall be offered to the transportation agency and if not accepted by said agency shall be transferred to the two states. "4.6. Duration. The transportation agency shall continue in existence until June thirtieth, nineteen hundred sixty-one, but the duration of its existence may be continued for such term or terms thereafter as concurrent legislation may provide. "4.7. Amendments. Amendments and supplements to this compact to implement the purposes thereof may be adopted by concurrent legislation. "4.8. Severability of act. If any part or provision of this act or the application thereof to any person or circumstances be adjudged invalid by any court of competent jurisdiction, such judgment shall be confined in its operation to the part, provision, or application directly involved in the controversy in which such judgment shall have been rendered and shall not affect or impair the validity of the remainder of this compact or the application thereof to other persons or circumstances, and the states hereby declare that they would have entered into this compact or the remainder thereof had the invalidity of such provision or application thereof been apparent." 73 STAT. 581. SEC. 2. The consent of Congress granted pursuant to this joint 73 STAT. 582. resolution is subject to the following conditions or requirements: (a) The right to alter, amend, or repeal this joint resolution is hereby expressly reserved. (b) Any long-range plan, when adopted by concurrent legislation of the compacting states, shall be submitted to Congress for its consent before such long-range plan becomes effective. (c) Any concurrent legislation enacted by the compacting states amending or supplementing this compact shall be submitted to Congress for its consent before such legislation becomes effective, except that this subsection shall not apply to article 4.6 of this compact. (d) The New York-New Jersey Transportation Agency Compact shall submit to Congress the same periodic reports it is required to Reports to make to the governors and legislatures of the compacting states, pur- Congress. suant to and under the same conditions of section 3.8 of the compact. 73 STAT. 582. (e) The right is hereby reserved to the Congress to require the disclosure and furnishing of such information or data as is deemed appropriate by the Congress. Congress shall have access to all books, records or papers of the New York-New Jersey Transportation Agency as well as the right of inspection of any facility being used or under the control of said Agency. (f) Nothing contained in this joint resolution or the Compact set out herein shall be construed as impairing or in any manner affecting any right or jurisdiction of any department, agency, bureau or other office of the United States Government having regulatory or administrative powers over or concerning interstate or foreign commerce. Approved September 21, 1959. 86th Congress, H. R. 8238 June 8, 1960 AN ACT 74 STAT, 162. To authorize and direct the Surgeon General of the Public Health Service to make a study and report to Congress, from the standpoint of the public health, of the discharge of substances into the atmosphere from the exhausts of motor vehicles. Study. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Surgeon Exhausts of General of the Public Health Service (hereinafter referred to as the motor vehicles. "Surgeon General") shall conduct a thorough study for the purpose of determining, with respect to the various substances discharged from the exhausts of motor vehicles, the amounts and kinds of such substances which, from the standpoint of human health, it is safe for motor vehicles to discharge into the atmosphere under the various conditions under which such vehicles may operate. SEC. 2. As soon as practicable, but not later than two years after Report to the date of the enactment of this Act, the Surgeon General shall sub- Congress. mit to Congress a report on the results of the study conducted pursuant to the first section of this Act, together with such recommendations, if any, based upon the findings made in such study, as he may deem to be necessary for the protection of the public health. SEC. 3. As used in this Act the term "motor vehicles" means vehicles Definition. propelled by mechanical power and used for transporting passengers or property on a highway. Approved June 8, 1960. Public Law 86-496 June 8, 1960 AN ACT 74 STAT. 164. To provide for the treatment of income from discharge of indebtedness of a railroad corporation in a receivership proceeding or in a proceeding under section 77 of the Bankruptcy Act commenced before January 1, 1960, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section Taxes. 108 (b) of the Internal Revenue Code of 1954 (relating to income of a Railroad corrailroad corporation from discharge of indebtedness) is hereby porations. amended to read as follows: 68A Stat. 32. 26 USC 108. "(b) RAILROAD CORPORATIONS.-No amount shall be included in gross income by reason of the discharge, cancellation, or modification, in whole or in part, within the taxable year, of any indebtedness of a railroad corporation, as defined in section 77 (m) of the Bankruptcy Act (11 U.S.C. 205 (m)), if such discharge, cancellation, or modifica- 47 Stat. 1481. tion is effected pursuant to an order of a court "(A) in a receivership proceeding, or "(B) in a proceeding under section 77 of the Bankruptcy Act, commenced before January 1, 1960. In such cases, the amount of any income of the taxpayer attributable to any unamortized premium (computed as of the first day of the taxable year in which such discharge occurred) with respect to such indebtedness shall not be included in gross income, and the amount of the deduction attributable to any unamortized discount (computed as of the first day of the taxable year in which such discharge occurred) with respect to such indebtedness shall not be allowed as a deduction. Subsection (a) of this section shall not apply with respect to any discharge of indebtedness to which this subsection applies." (b) The amendment made by subsection (a) shall apply to taxable Applic Dility. years ending after December 31, 1959, but only with respect to discharges occurring after such date. of vacation " pay. SEC. 2. Section 97 of the Technical Amendments Act of 1958 (26 Deductibility U.S.C., sec. 162 note; 72 Stat. 1672), relating to deductibility of accrued vacation pay, is amended by striking out "January 1, 1961," and inserting in lieu thereof "January 1, 1963,". Approved June 8, 1960. |