RAILROAD REVITALIZATION AND REGULATORY REFORM ACT OF 1976 AMENDMENTS.

SEC. 330. RAILROAD REVITALIZATION AND REGULATORY REFORM ACT OF 1976 AMENDMENTS. The Railroad Revitalization and Regulatory Reform Act of 1976 is amended— (1) in section 102(7) (45 U.S.C. 802(7)) by striking “common carrier by railroad or express, as defined in section 1(3) of the Interstate Commerce Act (49 U.S.C. 1(3))” and inserting in lieu thereof “rail carrier subject to part A of subtitle IV of title 49, United States Code”; (2) in section 505(a)(3) (45 U.S.C. 825(a)(3))— (A) by striking “A financially responsible person (as defined in section 10910(a)(1) of title 49, United States Code)” and inserting in lieu thereof “(A) A financially responsible person”; and (B) by inserting at the end the following new subparagraph: “(B) For purposes of this paragraph, the term ‘financially responsible person’ means a person who (i) is capable of paying the constitutional minimum value of the railroad line proposed to be acquired, and (ii) is able to assure that adequate transportation will be provided over such line for a period of not less than 3 years. Such term includes a governmental authority but does not include a class I or class II rail carrier.”; (3) in section 509(b) (45 U.S.C. 829(b)) by striking paragraph (2); and (4) in section 510 (45 U.S.C. 830) by striking “the provisions of section 20a of the Interstate Commerce Act (49 U.S.C. 20a), nor”.