12 2 STA T .49 1 5PUBLIC LA W 11 0– 4 3 2 —O CT. 1 6, 200 8(d)PAYMENTOFR ENE G OT I ATE DD E B T .—Ifthecri teri aun der s u b secti o n (c) are m et , the S ecretar y of the T reasury may assume or re p ay the restructured debt, as appropriate. (e) A MT R A K PRIN C I P A L AND INTERE S T PAYMENTS.— ( 1 ) PRINCIPAL ON DEBT SER V ICE.— U n l ess the Secretary of the Treasury ma k es sufficient payments to creditors under subsection (d) so that Amtrak is re q uired to make no payments to creditors in a fiscal year, the Secretary shall use funds authori z ed by section 1 02 of this di v ision for the use of Amtrak for retirement of principal or payment of interest on loans for capital equipment, or capital leases. (2) RED U CTIONS IN AUT H ORI Z ATION LEVELS.— W henever action taken by the Secretary of the Treasury under subsection (a) results in reductions in amounts of principal or interest that Amtrak must service on e x istin g debt, the corresponding amounts authorized by section 102 shall be reduced accordingly. (f) L EGAL E FFECT OF PAYMENTS UNDER THIS SECTION.—The payment of principal and interest on secured debt, other than debt assumed under subsection (d), w ith the proceeds of grants under subsection (e) shall not— (1) modify the extent or nature of any indebtedness of Amtrak to the United States in existence as of the date of enactment of this Act
(2) change the private nature of Amtrak ’ s or its successors’ liabilities; or ( 3 ) imply any F ederal guarantee or commitment to amortize Amtrak’s outstanding indebtedness. (g) SECRETARY APPROVAL.—Amtrak may not incur more debt after the date of enactment of this Act without the express advance approval of the Secretary. (h) REPORT.—The Secretary of the Treasury shall transmit a report to the C ommittee on Transportation and Infrastructure of the H ouse of Representatives, the Committee on Appropriations of the House of Representatives, the Committee on Commerce, Science, and Transportation of the Senate, and the Committee on Appropriations of the Senate, by J une 1, 2010— (1) describing in detail any agreements to restructure the Amtrak debt; and (2) providing an estimate of the savings to Amtrak and the United States G overnment. SEC.206 .ES TABLI S HM E N T OFGR ANT P ROCESS. (a) GRANT RE Q UESTS.—Amtrak shall submit grant requests (including a schedule for the disbursement of funds), consistent with the requirements of this division, to the Secretary for funds authorized to be appropriated to the Secretary for the use of Amtrak under sections 101(a), (b), and (c), 102, 21 9 (b), and 302. (b) PROCEDURES FOR GRANT REQUESTS.—The Secretary shall establish substantive and procedural requirements, including sched - ules, for grant requests under this section not later than 30 days after the date of enactment of this Act and shall transmit copies of such requirements and schedules to the Committee on Transpor- tation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate. As part of those requirements, the Secretary shall require, at a minimum, that Amtrak deposit grant funds, consistent with Requir e m e nts.D e adl ine. 49USC2 4 10 1 n o te.
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