Page:United States Statutes at Large Volume 100 Part 3.djvu/85

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PUBLIC LAW 99-000—MMMM. DD, 1986

PUBLIC LAW 99-509—OCT. 21, 1986 Sec. Sec. Sec. Sec.

100 STAT. 1893

4035. Charter amendment. 4036. Status of Conrail after sale. 4037. Effect on contracts. 4038. Resolution of certain issues. PART 3—PROMOTION OF RAIL COMPETITION

Sec. 4051. Agriculture contract disclosure. Sec. 4052. Boxcar provision. SEC. 4002. FINDINGS.

The Congress finds that— (1) the bankruptcy of the Penn Central and other railroads in the Northeast and Midwest resulted in a transportation emergency which required the intervention of the Federal Government; (2) the United States Government created the Consolidated Rail Corporation, which provides essential rail service to the Northeast and Midwest; (3) the future of rail service in the Northeast and Midwest is essential and must be protected through rail service obligations, consistent with the transfer of the Corporation to the private sector; (4) the Northeast Rail Service Act of 1981 has achieved its purpose in allowing the Corporation to become financially selfsustaining; (5) the Federal Government has invested over $7,000,000,000 in providing rail service to the Northeast and Midwest; (6) the Government, as a result of its ownership and invest ment of taxpayer dollars in the Corporation, controls substan tial assets, including cash of approximately $1,000,000,000; (7) the Corporation's viability and sound performance allow it to be sold to the American public for a substantial sum through a public offering; (8) a public offering of the Corporation's stock will preserve competitive rail service in the region, provide a reasonable return to the Government, and protect employment; (9) the Corporation's employees contributed significantly to the turnaround in the Corporation's financial performance and they should share in the Corporation's success through a settlement of their claims for reimbursement for wages below industry standard, and a share in the common equity of the Corporation; (10) the requirements of section 401(e) of the Regional Rail Reorganization Act of 1973 are met by this subtitle; and (11) the Secretary of Transportation has discharged the responsibilities of the Department of Transportation under the Northeast Rail Service Act of 1981 with respect to the sale of the Corporation as a single entity. SEC. 4003. PURPOSES.

The purposes of this subtitle are to transfer the interest of the United States in the common stock of the Corporation to the private sector in a manner that provides for the long-term viability of the Corporation, provides for the continuation by the Corporation of its rail service in the Northeast and Midwest, provides for the protection of the public interest in a sound rail transportation system, and, to the extent not inconsistent with such purposes, secures the maximum proceeds to the United States.

45 USC 1801.

45 USC 1101 note,

45 USC 761.

45 USC 1302.