Profiles of Existing Government Corporations - US Government ...

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mw BORROKING: Nom
37
REPA- To Cog: Not determinable
TOTN, EQUITY: $2,968,600,000
Go- EQUITY: $4,012,100,000~
APPROPRIATIONS TO EQUITY: None
OTNNR EQUITY: (Sl,O43,500,000) dmficit
CORPORATION PROFILE
CW
- EQDITY LINIT: USRA may purchase up to 53.6 billion in
Conrail securities (Sl billion in debentures and 52.6 billion in
Series A proforred 8tock). The 8nablinq legislation does not
specify the maximum amount of Conrail stock that the Department
of TranSpOItaitOn has autority to own.
TDTAL1RTxR.w T EXPENSE: s07,100,000
INTEREST PNDCOVV(WIIPTr: Not determinable
INTKRRSTPND~: Not daterminable
INTERNST RECNTVED: Not determinable
NOTES:
a.
b.
c.
Conrail tranSferrOd its commuter service to regional
authorities and most intercity pa88enqer service to AMTRAK on
December 31, 1982. Since Decombor 31, 1982, Conrail's
purpose ha8 been to provide adequate and efficient rail
freight service throughout the northeast and upper midvest
region8 and to improve profitability to a degrea that vi11
enable the return of Conrail to private sector ownership. In
1983 Conrail's freight operation8 con8i8ted of approximately
14,200 route miles, 100,000 freight cars, and 3,300
locomotive8 in a 15-state t8rritory.
Conrail was formed by the Regional Rail Reorganization Act
vhich van enacted January 2, 1974. Conrail acquired the
assets of bankrupt railroad8 (Penn Contra1 and other
northeast railroads) and began operation8 on April 1, 1976.
As a practical matter, USRA, as holder of Series A preferred
Stock and debentures, elects six Conrail board members, and
DOT, as holder of Series B preferred and common stock, elects
five members.
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