Print
The Vermont Statutes Online
Title
05
:
Aeronautics and Surface Transportation Generally
Chapter
058
:
STATE ACQUISITION OF RAILROADS
§
3404. Right of first refusal
(a) All railroad
operating properties within the State offered for sale by a railroad, other
than to another railroad for continued operation, shall also be offered to the
State of Vermont. The offer shall be made in writing and shall be sent by
certified mail to the Agency. The offer shall include a map and a description
of the property, the price, if available, a description of the present and past
railroad use of the property, and any terms, reservations, or conditions the
railroad proposes to include as part of the sale. Within 365 days, less any
period of time that has elapsed because of the pendency of abandonment
proceedings before the Surface Transportation Board or the imposition of public
use conditions under 49 U.S.C. § 10905, the Agency shall accept or reject the
offer. If the Agency either rejects or fails to accept the offer in a timely
manner, the State's preferential right under this section shall terminate, but
in no event shall the railroad offer to sell the property, or any portion of
it, to any other person on terms more favorable than the final terms offered to
the Agency.
(b) For purposes
of this section, "railroad operating properties" shall mean any land,
structures, buildings, rails, ties, ballast, signals, and materials that have
been or are being used for rail transportation purposes and that are located
within the limits of the railroad's roadway; provided, however, that if a
railroad offers to sell any property in connection with its abandonment of a
line, "railroad operating properties" shall also include any real or
personal property of whatever description abutting the railroad's roadway that
has been or is being used for rail transportation purposes and that is
reasonably necessary to continued railroad operation or other public use.
(Added 1987, No. 211 (Adj. Sess.), § 1, eff. May 26, 1988; amended 2011, No.
153 (Adj. Sess.), § 36.)