Railroad Revitalization Act; providing process for sale of certain lease-purchase properties. Effective date. Emergency.
What changed between versions
Added requirement that the Department of Transportation must notify the Speaker of the House and Senate President Pro Tempore in writing before final action on railroad asset sales.
Modified the response period for asset sale proposals from 90 days to 120 days to allow more time for interested parties to submit proposals.
Added requirement that the Department of Commerce must conduct an economic impact study of all proposals before the Transportation Commission makes a decision.
Modified the language regarding attorney compensation restrictions to clarify that attorneys cannot receive fees for special or extraordinary services related to the act.
Added clarification that surplus property acquired under the act may be disposed of by the Department.