Kansas Statutes 75-5030. Same; payment of amounts in default by mid-states port authority, when; limitation
Terms Used In Kansas Statutes 75-5030
- Fund: means the Kansas communication system revolving fund established by Kan. See Kansas Statutes 75-5073
- Secretary: means the secretary of the department of transportation or designee. See Kansas Statutes 75-5034
- Transportation: means the movement of individuals and meals in a four or more wheeled motorized vehicle designed to carry passengers. See Kansas Statutes 75-5034
- Trustee: A person or institution holding and administering property in trust.
Subject to the provisions of Kan. Stat. Ann. § 75-5029, the secretary of transportation shall pay from the railroad rehabilitation loan guarantee fund to the federal railroad administration, or its successor, the amounts for any loan which is in default, which is for the acquisition and rehabilitation of certain railroad facilities by the mid-states port authority from the trustee of the Chicago, Rock Island and Pacific Railway company to provide railroad service in Kansas and which received prior approval by the secretary of transportation, except that the total of all such amounts paid under this section shall not exceed 50% of the loss which would otherwise be assumed by the federal government in the event of default on such loan for such project.