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U.S. Code as of:
01/19/04
Section 1016. Temporary rail banking
During the 180-day period beginning on May 30, 1980, no rail line
or facility of the Rock Island Railroad which has been approved for
abandonment by the Commission or the bankruptcy court may be
downgraded, scrapped, or otherwise disposed of without the approval
of the Secretary under this section. In no case before abandonment
has been approved and before the 180-day period has elapsed shall
the Secretary approve a disposition of such portion of the rail
line or related facility to any carrier or other entity not engaged
in providing railroad services or not formed for the purpose of
providing railroad services. The Secretary, upon application by the
Rock Island Railroad, shall grant such approval unless he finds
that -
(1) a rail carrier, shipper, State, or other interested party
has expressed in writing an interest in purchasing, leasing or
rehabilitating the particular rail line or facility for purposes
of providing rail service; and
(2) there is a reasonable expectation that such purchase
transaction will be consummated.
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