The bill S.85, introduced by Senator Harrison, aims to enhance oversight of lease extensions for State-owned railroad properties by requiring approval from the General Assembly. Specifically, it amends 5 V.S.A. 3405 to stipulate that any lease extensions must receive approval from the General Assembly or, if it is not in session, from the Joint Transportation Oversight Committee. Additionally, the Secretary of Transportation is mandated to notify the relevant legislative committees within 10 calendar days after entering into any lease or agreement related to these properties.

Furthermore, the bill includes provisions for the Secretary to notify the committees when there are 12 months remaining on the operating lease or lease extension for any State-owned railroad. The act is set to take effect upon passage, ensuring that these new requirements for legislative oversight are implemented promptly.

Statutes affected:
As Introduced: 5-3405