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7345989
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President signed H.R. 13325 - Supplemental Authorizations for the U.S. Railway Association [Signing Statements and Announcements]
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7345989
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document
title
President signed H.R. 13325 - Supplemental Authorizations for the U.S. Railway Association [Signing Statements and Announcements]
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White House Press Releases (Ford Administration)
Press Releases
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U.S. House of Representatives. (03/04/1789 - )
Legislation
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7345989
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1
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1976-10-01
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10
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1976
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nara-archive
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40ee725e8a151f82
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Digitized from Box 31 of the White House Press Releases at the Gerald R. Ford Presidential Library
OCTOBER 1, 1976
Office of the White House Press Secretary
NOTICE TO THE PRESS
The President has signed H. R. 5--Supplemental Authorizations
for the U. S. Railway Association. This bill will authorize appropriations
of $20 million for the period from May 1, 1976, through September 30,
1977, for the United States Railway Association (USRA) to carry out
certain administrative responsibilities. The funds, to remain available
through fiscal year 1978, would allow USRA to:
--modify the Final System Plan for reorganizing the
bankrupt railroads of the Northeast and Midwest; this
modification is required because of the decision of the
Chessie System and Southern Railroad not to acquire the
properties originally contemplated.
--increase monitoring of the Consolidated Railroad
Corporation (ConRail) and make loans for preconveyance
debts of the bankrupt railroads, a new responsibility
assigned to USRA by the Railroad Revitalization and
Regulatory Reform Act of 1976 (P. L. 94-210).
--assume the major responsibility for the United States
in defending the reorganization process in the courts from
legal challenges.
The bill would also make a number of amendments to the Regional Rail
Reorganization Act of 1973 (P. L. 93-236). These amendments are
mainly designed to make possible a transfer of properties to the State
of Rhode Island. The amendments would clarify that the existing protection
for ConRail or other transferees (including a State) against deficiency
judgments applies to all actions on all properties transferred pursuant
to the Final System Plan to meet the needs of commuter or intercity rail
passenger service.
Finally, H. R. 13325 would amend P. L. 93-236 to provide that the current
exemption from State and local taxes on transfers of property made under
that Act would also apply to any transfers made at any time to carry out
the rehabilitation of the Northeast Corridor called for by P. L. 94-210.
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