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COMMISSION PROCEEDINGS SEC. 1164. (a) Notwithstanding any other provision of subtitle IV of title 49, United States Code, in any proceeding before the Commission under section 11324 or 11325 of such subtitle involving a railroad in the Region, as defined in section 102 of the Regional Rail Reorganization Act of 1973, which was in a bankruptcy proceeding under section 77 of the Bankruptcy Act on November 4, 1979, the Commission shall, with or without a hearing, issue a final decision within a period not to exceed 180 days after receipt of an application under either such section.
(b) Notwithstanding any other provision of subtitle IV of title 49, United States Code, in any proceeding before the Commission under section 11324 or 11325 of such subtitle involving a profitable railroad in the Region, as defined in section 102 of the Regional Rail Reorganization Act of 1973, which received a loan under section 211(a) of such Act, the Commission shall, with or without a hearing, issue a final decision within a period not to exceed 180 days after receipt of an application under either such section.
(c)(1) If the Secretary determines under subsection (b) that there is an agreement between a profitable railroad in the Region (as defined in section 102 of the Regional Rail Reorganization Act of 1973) which received a loan under section 211(a) of such Act and a prospective purchaser for the sale of such railroad, the Secretary shall limit the interest of the United States in any debt of such a railroad to an interest which attaches to such debt in the event of bankruptcy or substantial sale or liquidation of the assets of the railroad. The Secretary may substitute for the evidence of such debt contingency notes payable solely from the railroad operating assets then securing such debt, including reinvestments thereof, or such other contingency notes as the Secretary deems appropriate and which conform to the terms set forth in this subsection.
(2) If the interest of the United States is limited under paragraph (1), any new debt issued by such a railroad subsequent to the issuance of the debt described in paragraph (1) may have such higher priority in the event of bankruptcy, liquidation, or abandonment of the assets of such a railroad than the debt described in such paragraph as the Secretary and the railroad may agree.
(3) In carrying out the duties under this subsection, the Secretary may (A) enter into such agreements, (B) in accordance with any such agreements, cancel or cause to be cancelled or amend or cause to be amended any notes or securities currently held by agencies or instrumentalities of the United States, and (C) accept in exchange as substitution therefor such instruments evidencing the indebtedness owed to such agencies or instrumentalities as, in the Secretary's judgment, will effectuate the purposes of this subsection. (45 U.S.C. 1112)
INTERCITY PASSENGER SERVICE EMPLOYEES
SEC. 1165. (a) After January 1, 1983, Conrail shall be relieved of the responsibility to provide crews for intercity passenger service on the Northeast Corridor. Amtrak, Amtrak Commuter, and Conrail, and the employees with seniority in both freight and passenger service shall commence negotiations not later than 120 days after the date of the enactment for the right of such employees to move from one service to the other once each six-month period. Such agreement shall ensure that Conrail, Amtrak, and Amtrak Commuter have the right to furlough one employee in the same class or craft for each employee who returns through the exercise of seniority rights. If agreement is not reached within 360 days, such matter shall be submitted to binding arbitration.
(b) Conrail employees who are deprived of employment by an assumption or discontinuance of intercity passenger service by Amtrak shall be eligible for employee protection benefits under section 7011 of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 797), notwithstanding any other provision of law, agreement, or arrangement, and notwithstanding the inability of such employees otherwise to meet the eligibility requirements of such section. Such protection shall be the exclusive protection applicable to Conrail employees deprived of employment or adversely affected by any such assumption or discontinuance. (45 U.S.C. 1113)
[Section 1166 repealed by section 4033(c)(1)(C)(i)(III) of Public Law 99-509 (100 Stat. 1908).)
SEC. 1167. (a) Section 303(c) of the Regional Rail Reorganization Act of 1978 (45 U.S.C. 743(c)) is amended by striking the following wherever they appear: “securities,”; “securities and"; "at least one share of series B preferred stock and"; "other securities of the Corporation or”; and “securities or”.
(b) For the purpose of computing the amount for which certificates of value shall be redeemable under section 306 of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 746), the series B preferred stock and the common stock conveyed to the Secretary under section 11542 of this subtitle shall be deemed to be without fair market value unless in a proceeding brought under section 1152(a)(4) of this subtitle the special court shall have determined that such securities had a value and shall have entered a judgment against the United States for that value. In such an event, the securities shall for purposes of section 306 of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 746) be deemed to have that value found by the special court.
APPLICABILITY OF OTHER LAWS
SEC. 1168. (a) The provisions of the chapters 5 and 7 of title 5 of the United States Code (popularly known as the Administrative Procedure Act and including provisions popularly known as the Government in the Sunshine Act), the Federal Advisory Committee Act, section 102(2)(C) of the National Environmental Policy Act of 1969, the National Historic Preservation Act of 1966, and section 4(f) of the Department of Transportation Act of 1966 are inapplicable to actions taken in negotiating, approving, or implementing service transfers under title IV of the Regional Rail Reorganization
1 Section 701 repealed by section 4024(c) of Public Law 99–509 (100 Stat. 1904).
2 Section 1154 was repealed by section 4033(c)(1)(C)(i)(I) of Public Law 99-509 (100 Stat. 1908).
Act of 1973 and to the implementation of the sale of the interest of the United States in Conrail under the Conrail Privatization Act.
(b) The operation of trains by Conrail shall not be subject to the requirement of any State or local law which specifies the minimum number of crew members who must be employed in connection with the operation of such trains. (45 U.S.C. 1116)
EFFECTIVE DATE SEC. 1169. Except as otherwise provided, the provisions of and the amendments made by this subtitle shall take effect on the date of the enactment of this subtitle. (45 U.S.C. 1101 nt)