US Code

Public Law 119-73 (01/23/2026)

45 U.S.C. § 906

Guarantee of trustee certificates

(a)

to (c) Omitted

(d)

Authorization

45 U.S.C. 661section 920 of this titlesection 920(b) of this title45 U.S.C. 662(a)45 U.S.C. 662(b)(3)45 U.S.C. 662(d)The Secretary of Transportation shall, under the authority of the Emergency Rail Services Act of 1970 [ et seq.], immediately guarantee trustee certificates of the Milwaukee Railroad, on the basis of an estimate of the amount required to be provided under subsection (e) of this section, for purposes of allowing the Milwaukee Railroad, commencing , to maintain its entire railroad system in accordance with , and as required to finance operations which the Milwaukee Railroad continues for the 60-day period beginning on the date of the occurrence of an event described in or on , whichever first occurs. Such guarantee shall be made without regard to the findings set forth in section 3(a) of the Emergency Rail Services Act of 1970 [], and the provisions of section 3(b)(3) [] and the last two sentences of section 3(d) of such Act [] shall not apply to such guarantee.

(e)

Amount of guarantee

The Secretary shall guarantee trustee certificates of the Milwaukee Railroad pursuant to this section in an amount equal to the difference between (1) the total expenses incurred by such railroad attributable to the maintenance and the continuation of service in accordance with subsection (d) of this section, and (2) the revenues of such railroad.

(f)

Subordination of claims

45 U.S.C. 662(c)Notwithstanding the provisions of section 3(c) of the Emergency Rail Services Act of 1970 [], certificates guaranteed under this chapter shall be subordinated to the claims of any creditors of the Milwaukee Railroad as of .

(g)

Availability of funds

section 920 of this titleThe Commission shall immediately make available to the Secretary of Transportation the sum of $10,000,000, out of funds available for directed service under title 49. The Secretary of Transportation shall immediately make such funds available to the trustee of the Milwaukee Railroad for purposes of financing the operations of the Milwaukee Railroad, beginning , in accordance with .

(h)

Cancellation of United States obligations

(1)
All obligations to the United States or any agency or instrumentality of the United States incurred pursuant to this section by the Milwaukee Railroad or the trustee of the property of the Milwaukee Railroad shall be waived and canceled when—
(A)
the Milwaukee Railroad is reorganized as an operating rail carrier; or
(B)
substantially all of the Milwaukee Railroad is purchased.
(2)
For purposes of this subsection, substantially all of the Milwaukee Railroad shall be considered as having been purchased when (A) more than 50 percent of the rail system operated by the Milwaukee Railroad on , has been purchased, and (B) more than 50 percent of the employees employed by the Milwaukee Railroad on , have obtained employment with other rail carriers.

Pub. L. 96–101, § 793 Stat. 740Pub. L. 96–448, title VII, § 701(c)(1)94 Stat. 1961((less (a)–(c)), , ; , , .)

Editorial Notes

References in Text

Pub. L. 91–66384 Stat. 1975section 661 of this titleThe Emergency Rail Services Act of 1970, referred to in subsec. (d), is , , , which is classified generally to chapter 15 (§ 661 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.

section 11125 of Title 49Pub. L. 104–88, § 102(a)Directed service under title 49, referred to in subsec. (g), probably refers to directed service under , Transportation, prior to the general amendment of subtitle IV of Title 49, by .

Codification

section 662 of this titleSubsecs. (a) to (c) of this section amended .

Amendments

Pub. L. 96–4481980—Subsec. (h). added subsec. (h).

Statutory Notes and Related Subsidiaries

Effective Date of 1980 Amendment

Pub. L. 96–448section 710(d) of Pub. L. 96–448section 1170 of Title 11Amendment by effective , see , set out as a note under , Bankruptcy.

Abolition of Interstate Commerce Commission and Transfer of Functions

Pub. L. 104–88section 1302 of Title 49section 101 of Pub. L. 104–88section 1301 of Title 49section 205 of Pub. L. 104–88section 1301 of Title 49Interstate Commerce Commission abolished and functions of Commission transferred, except as otherwise provided in , to Surface Transportation Board effective , by , Transportation, and , set out as a note under . References to Interstate Commerce Commission deemed to refer to Surface Transportation Board, a member or employee of the Board, or Secretary of Transportation, as appropriate, see , set out as a note under .