Vermont Statutes Title 5 Sec. 3405
Terms Used In Vermont Statutes Title 5 Sec. 3405
- Board: means the Transportation Board. See
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: means an individual, firm, partnership, corporation, company, association, joint stock association, or body politic, including a trustee, receiver, assignee, or other similar representative. See
- Secretary: means the Secretary of Transportation. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 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.)