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2023 SESSION
SB 1018 Railroad companies; notice of certain action.
Introduced by: John S. Edwards | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Railroad companies; notice of certain action. Requires a railroad company operating in the Commonwealth that submits an application to the federal government for consolidation, merger, abandonment, or discontinuance to notify, in addition to the State Corporation Commission and the Governor, the Secretary of Transportation, the Secretary of Natural and Historic Resources, the Director of the Department of Rail and Public Transportation, and the Executive Director of the Virginia Passenger Rail Authority of such action.
SUMMARY AS INTRODUCED:
Railroad companies; notice of certain action; sale or transfer of railroad rights-of-way or related facilities. Requires a railroad company operating in the Commonwealth that submits an application to the federal government for consolidation, merger, abandonment, or discontinuance to notify, in addition to the State Corporation Commission and the Governor, the Secretary of Transportation, the Secretary of Natural Resources, the Director of the Department of Rail and Public Transportation, and the Executive Director of the Virginia Passenger Rail Authority of such action.
The bill prohibits a railroad company operating or previously operating in the Commonwealth from selling or transferring railroad rights-of-way or related facilities within the Commonwealth without first offering such rights-of-way or facilities to the Department of Transportation or its designee. Under the bill, the Department is required to respond to the offer within 120 days. The bill provides that if the Department or its designee rejects the offer or 120 days have elapsed without an extension of the offer by mutual agreement, the railroad company may sell or transfer the rights-of-way or facilities to another party. The bill prohibits the railroad company from selling or transferring the rights-of-way or facilities to another party under terms more favorable than offered to the Department or its designee.