§3405. Lease for continued operation

Link to law: http://legislature.vermont.gov/statutes/section/05/058/03405
Published: 2015

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The Vermont Statutes Online



Title

05

:
Aeronautics and Surface Transportation Generally






Chapter

058

:
STATE ACQUISITION OF RAILROADS











 

§

3405. Lease for continued operation

(a) The

secretary, as agent for the state, with the approval of the governor and the

general assembly or, if the general assembly is not in session, approval of a

special committee consisting of the joint fiscal committee and the chairs of

the house and senate committees on transportation, is authorized to lease or

otherwise arrange for the continued operation of all or any state-owned

railroad property to any responsible person, provided that approval for the operation,

if necessary, is granted by the federal Surface Transportation Board. The

transaction shall be subject to any further terms and conditions as in the

opinion of the secretary are necessary and appropriate to accomplish the

purpose of this chapter.

(b) To preserve

continuity of service on state-owned railroads, the secretary may enter into a

short-term lease or operating agreement, for a term not to exceed six months,

with a responsible railroad operator. Within 10 days of entering into any lease

or agreement, the secretary shall report the details of the transaction to the

members of the house and senate committees on transportation. (Added 1987, No.

211 (Adj. Sess.), § 1, eff. May 26, 1988; amended 1999, No. 156 (Adj. Sess.), §

7, eff. May 29, 2000; 2003, No. 56, § 18, eff. June 4, 2003.)
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