§3404. Right of first refusal

Link to law: http://legislature.vermont.gov/statutes/section/05/058/03404
Published: 2015

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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.)
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