45 U.S.C. § 903 : US Code - Section 903: Sales and transfers

Search 45 U.S.C. § 903 : US Code - Section 903: Sales and transfers

(a) The Milwaukee Railroad may negotiate and enter into
agreements to sell, to another rail carrier or any other person,
all or any portion of its rail properties used in railroad
operations as of October 15, 1979. Such sale agreements may in no
event become final and effective until the occurrence of an event
described in section 920(b) of this title, or April 1, 1980,
whichever first occurs. In taking action under this subsection, the
Milwaukee Railroad may consult with the Secretary of
Transportation.
(b)(1) The Secretary of Transportation, under the authority of
section 333 of title 49, may develop plans, participate in
negotiations, and recommend to the trustee proposals for the sale
or transfer of any rail properties of the Milwaukee Railroad which
are used in rail operations as of October 15, 1979. In taking
action under this paragraph, the Secretary shall give preference to
financially responsible persons, including governmental entities,
negotiating for the purchase of any lines with the intent of
providing common carrier service.
(2) Any sale or transfer proposal developed under paragraph (1)
of this subsection shall be submitted to the bankruptcy court. Such
a proposal may in no event become final or effective until the
occurrence of an event described in section 920(b) of this title,
or April 1, 1980, whichever first occurs.