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H.R. 6449 (96th): Rock Island Transition Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/6/1980--Introduced. Rock Island Transition Act - Directs the Interstate Commerce Commission to continue directed service over specified lines of the Chicago, Rock Island, and Pacific Railroad until April 2, 1980 or until such lines are sold. Directs the Commission to expedite proceedings involving the Rock Island. Requires the Commission to reach a final decision on specified proceedings involving a sale, transfer, or lease of any line of the Rock Island to a solvent carrier within a specified period. Directs the Secretary of Transportation to purchase redeemable preference shares or trustee certificates convertible to redeemable preference shares as necessary to facilitate the purchase of properties of the Rock Island by other railroads. Establishes a ceiling for the total par value of such shares which the Secretary may purchase. Exempts activities under this Act from the provisions of the National Environmental Policy Act.