PRINTER'S NO. 3568
No. 2482 Session of 2004
INTRODUCED BY STERN, MANN, FLEAGLE, ARMSTRONG, PAYNE, SAYLOR,
T. STEVENSON, CAPPELLI, LAUGHLIN, FORCIER, DENLINGER,
FAIRCHILD, WALKO, CAUSER, KOTIK, GEORGE, GEIST, BUNT,
MARKOSEK, LEVDANSKY, YUDICHAK, KELLER, PALLONE, BELFANTI,
CRAHALLA, SCHRODER, BENNINGHOFF, R. STEVENSON, FICHTER,
SCAVELLO, TIGUE, GOODMAN, CORRIGAN, HESS, HARHAI, WILLIAMS,
CAWLEY, BASTIAN, ROSS, SOLOBAY, SATHER, THOMAS, MAHER,
S. H. SMITH, McCALL, COSTA, BAKER, TANGRETTI, REED, LEWIS,
J. EVANS, GRUCELA, ROBERTS AND YOUNGBLOOD, MARCH 26, 2004
REFERRED TO COMMITTEE ON FINANCE, MARCH 26, 2004
AN ACT
1 Establishing the State Railroad Infrastructure Bank and the
2 State Railroad Infrastructure Bank Fund; and providing for
3 the powers and duties of the Department of Community and
4 Economic Development.
5 The General Assembly of the Commonwealth of Pennsylvania
6 hereby enacts as follows:
7 Section 1. Short title.
8 This act shall be known and may be cited as the State
9 Railroad Infrastructure Act.
10 Section 2. Definitions.
11 The following words and phrases when used in this act shall
12 have the meanings given to them in this section unless the
13 context clearly indicates otherwise:
14 "Department." The Department of Community and Economic
15 Development of the Commonwealth.
1 "Rail freight infrastructure." All materials including, but
2 not limited to, ties, rails and ballast, which may include
3 supporting infrastructure, rail spur lines to customers,
4 crossings and other similar structures.
5 "Second class railroad." A Class II railroad as defined
6 under 49 CFR Pt. 1201 (relating to railroad companies).
7 "Third class railroad." A Class III railroad as defined
8 under 49 CFR Pt. 1201 (relating to railroad companies).
9 Section 3. State Railroad Infrastructure Bank.
10 The State Railroad Infrastructure Bank is established as an
11 economic development program and shall be administered by the
12 department in order to provide low-interest loans to second
13 class railroads and third class railroads or their customers, or
14 both, for the financing of railroad infrastructure.
15 Section 4. State Railroad Infrastructure Bank Fund.
16 The State Railroad Infrastructure Bank Fund is established as
17 a revolving loan fund in the State Treasury. The moneys of the
18 fund are hereby appropriated on a continuing basis to carry out
19 the provisions of this act.
20 Section 5. Loans.
21 Loans awarded to second class railroads and third class
22 railroads under this act shall be repaid to the State Railroad
23 Infrastructure Bank Fund at a rate equal to the prime rate of
24 interest less 0.50% and shall consist of such other terms and
25 conditions as deemed necessary or desirable by the department.
26 The loans shall be paid out of the fund established under
27 section 4.
28 Section 6. Regulations.
29 The department shall promulgate rules and regulations to
30 implement this act.
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1 Section 7. Appropriations.
2 The sum of $2,000,000 is hereby appropriated for transfer to
3 the State Railroad Infrastructure Bank Fund to carry out the
4 provisions of this act.
5 Section 8. Effective date.
6 This act shall take effect in 60 days.
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