Pennsylvania Act 2004-165 — STATE RAILROAD INFRASTRUCTURE ACT - ENACTMENT

Act text

STATE RAILROAD INFRASTRUCTURE ACT - ENACTMENT
                 Act of Nov. 29, 2004, P.L. 1324, No. 165             Cl. 12
                                  AN ACT

     Establishing the State Railroad Infrastructure Bank and the
        State Railroad Infrastructure Bank Fund; and providing for
        the powers and duties of the Department of Transportation.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

     Section 1.  Short title.
        This act shall be known and may be cited as the State
     Railroad Infrastructure Act.
     Section 2.  Definitions.
        The following words and phrases when used in this act shall
     have the meanings given to them in this section unless the
     context clearly indicates otherwise:
        "Department."  The Department of Transportation of the
     Commonwealth.
        "Rail freight infrastructure."  All materials including, but
     not limited to, ties, rails and ballast, which may include
     supporting infrastructure, rail spur lines to customers,
     crossings and other similar structures.
     Section 3.  State Railroad Infrastructure Bank.
        The State Railroad Infrastructure Bank is established as an
     economic development program and shall be administered by the
     department in order to provide low-interest loans to railroads
     or their customers, or both, for the financing of rail freight
     infrastructure.
     Section 4.  Loans.
        Loans awarded to railroads under this act shall be repaid to
     the State Railroad Infrastructure Bank Fund at a rate
     established by the department and shall contain such other terms
     and conditions as deemed necessary or desirable by the
     department.
     Section 5.  Regulations.
        The department shall promulgate rules and regulations to
     implement this act.
     Section 20.  Effective date.
        This act shall take effect in 60 days.