§1204 Transition period

Summary

Within 6 months after January 14, 1983, the Secretary and the Governor of Alaska must send a joint report to the U.S. Congress and the Alaska legislature. The report must describe the Alaska Railroad’s rail properties, the liabilities the State will take on, any money in the Alaska Railroad Revolving Fund to be withheld under section 1202(10)(C), and any personal property to be withheld under section 1202(10)(D). It must also say, as best as possible, which rail properties will be transferred, which will be licensed, and which easements will be reserved under the rules in section 1203. The Secretaries of Agriculture, Defense, and the Interior and the Administrator of the General Services Administration must give the Secretary any information and help needed to finish the report. From January 14, 1983 until the transfer, the State may inspect and copy all rail properties and related records, subject to rules that protect confidential business and personnel information. During that time, without the State’s consent and only under applicable law and the memorandum of understanding in section 1205(b)(3), the Secretary and the Alaska Railroad may not: agree to any single capital expenditure from the Alaska Railroad Revolving Fund over $300,000; (except as required by law) sell or otherwise transfer real property that is part of the rail properties; or lease rail property for more than five years. Before transfer, the railroad’s accounting must be able to report data to the Interstate Commerce Commission in the same formats used by similar rail carriers. Within nine months after January 14, 1983, the United States Railway Association must determine the railroad’s fair market value using normal industry appraisal methods, including the real and personal property to be transferred and any obligations under this chapter. That valuation does not change any inventory, valuation, or classification the Interstate Commerce Commission requires under subchapter V of chapter 107 of title 49.