45 USC 906 - Guarantee of trustee certificates

U.S Code last checked for updates: Nov 23, 2024

§ 906.

Guarantee of trustee certificates

(a)

to (c) Omitted

(d)

Authorization

(e)

Amount of guarantee

(f)

Subordination of claims

(g)

Availability of funds

(h)

Cancellation of United States obligations

(1)

All obligations to the United States or any agency or instrumentality of the United States incurred pursuant to this section by the Milwaukee Railroad or the trustee of the property of the Milwaukee Railroad shall be waived and canceled when—

(A)

the Milwaukee Railroad is reorganized as an operating rail carrier; or

(B)

substantially all of the Milwaukee Railroad is purchased.

(2)

For purposes of this subsection, substantially all of the Milwaukee Railroad shall be considered as having been purchased when (A) more than 50 percent of the rail system operated by the Milwaukee Railroad on October 14, 1980, has been purchased, and (B) more than 50 percent of the employees employed by the Milwaukee Railroad on October 14, 1980, have obtained employment with other rail carriers.

(Pub. L. 96–101, § 7(less (a)–(c)), Nov. 4, 1979, 93 Stat. 740; Pub. L. 96–448, title VII, § 701(c)(1), Oct. 14, 1980, 94 Stat. 1961.)

cite as: 45 USC 906