§824. Capital needs study

(a) Deferred maintenance statement

Within 180 days after February 5, 1976, each railroad designated by the Commission as a class I railroad (other than a railroad subject to reorganization pursuant to the Regional Rail Reorganization Act of 1973 [45 U.S.C. 701 et seq.]) shall prepare and submit to the Secretary a full and complete statement (1) of such railroad's deferred maintenance and delayed capital expenditures, as of December 31, 1975, and (2) of the projected amounts of appropriate maintenance to be performed and capital expenditures to be made for such railroad's facilities and equipment, during each of the years from 1976 through 1985. Each railroad shall submit such additional information as may be required from it by the Secretary, in connection with his duties under section 823 of this title or under this section, prior to July 1, 1977, including the projected sources of and uses for the funds required by such railroad for such projected program.

(b) Preliminary financing recommendations

Within 540 days after February 5, 1976, the Secretary, after giving due consideration to (1) the final designations under section 823(e) of this title, (2) the information furnished under subsection (a) of this section, and (3) any other relevant information, shall develop, publish, and transmit-

(A) to the Congress, preliminary recommendations as to the amount and type of carrier equity and other financing to be effected through the Fund, or through any other funding mechanism, recommended by the Secretary, based upon his view of the rail industry's facilities rehabilitation and improvement needs, the projected gross national product, the potential demand for rail service and the types of service capable of meeting that potential demand, the potential revenues and costs (including capital costs associated with those revenues), the demand for rail services for which the railroads could compete on an economic basis, the probable sources of funding for the capital costs of providing those services, and which of those costs must be provided by public financing, as projected through December 31, 1985; and

(B) to the Congress and to the Secretary of the Treasury, preliminary recommendations as to the means by which the Federal share, if any, of such equity and other financing should be provided.

In preparing such recommendations, the Secretary shall specifically consider and evaluate the public benefits and costs which would result from public ownership of railroad rights-of-way.

(c) Evaluation

Within 90 days after the date of publication of the Secretary's preliminary recommendations under subsection (b) of this section, the Secretary of the Treasury shall publish and transmit to the Secretary and to the Congress his evaluation thereof and any recommendations with respect to the matters referred to in subsection (b)(3)(B) of this section.

(d) Final recommendations

Within 90 days after the date of receipt of the evaluation, transmitted under subsection (c) of this section, the Secretary shall, after giving due consideration to such recommendations, prepare and transmit to the Congress his final recommendations with respect to the matters referred to in subsection (b) of this section.

( Pub. L. 94–210, title V, §504, Feb. 5, 1976, 90 Stat. 70 ; Pub. L. 94–555, title II, §§216(c), 220(d), Oct. 19, 1976, 90 Stat. 2627 , 2629.)

References in Text

The Regional Rail Reorganization Act of 1973, referred to in subsec. (a), is Pub. L. 93–236, Jan. 2, 1974, 87 Stat. 985 , as amended, which is classified principally to chapter 16 (§701 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 701 of this title and Tables.

Amendments

1976-Subsec. (a)(2). Pub. L. 94–555, §220(d), inserted "and equipment" after "railroad's facilities".

Subsec. (b). Pub. L. 94–555, §216(c), substituted "540" for "360" after "Within" and inserted provisions in par. (A) requiring additional items be included in Secretary's preliminary financing recommendations to Congress concerning the projected gross national product, potential demand for rail service, types of service capable of meeting such demand, revenue and costs, sources of funding, and costs that must be provided by public financing.

Effective Date of 1976 Amendment

Amendment by Pub. L. 94–555 effective Oct. 1, 1976, see section 303 of Pub. L. 94–555, set out as a note under section 702 of this title.

Section Referred to in Other Sections

This section is referred to in sections 822, 825, 827 of this title.