Amends the Interstate Commerce Act to direct the Interstate Commerce Commission to determine the economic impact of a rail line abandonment when public convenience and necessity require or permit such abandonment.
Directs the Commission, where such an abandonment will have an adverse affect upon a leaseholder and community, to provide specified conditions in its order of abandonment.
Requires submission of disagreements as to the price for the sale of the subject property to binding arbitration.
Introduced in Senate
Read second time and referred to Senate Committee on Commerce.
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