A bill to amend the Milwaukee Railroad Restructuring Act to facilitate the purchase of lines of bankrupt rail carriers to provide for continued rail service, and for other purposes.
Milwaukee Railroad and Rock Island Railroad Amendments Act of 1981 - Amends the Milwaukee Railroad Restructuring Act to revise procedures by which the Interstate Commerce Commission (ICC) oversees the purchase of bankrupt rail lines by financially responsible persons.
Defines a "financially responsible person" as one who is capable of paying the purchase price of a railroad line and the expenses of providing service over the line for at least two years.
Amends the Rock Island Railroad Transition and Employee Assistance Act to declare that the ICC's authority to grant temporary operating approval for the use of Rock Island or Milwaukee Railroad facilities shall continue until a plan of reorganization or liquidation is approved by the ICC and the bankruptcy court.
Introduced in House
Introduced in House
Referred to House Committee on Energy and Commerce.
Referred to Subcommittee on Commerce, Transportation and Tourism.
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