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. The bill amends 5 V.S.A. § 3405 to stipulate that any lease or arrangement for the continued operation of State-owned railroad property 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 committees within 10 calendar days after entering into any lease or agreement, ensuring transparency in the leasing process.

Furthermore, the bill includes provisions for the Secretary to inform the committees when there are 12 months remaining on both the operating lease and any lease extension for State-owned railroads. The act is set to take effect upon passage, reinforcing the legislative body's role in overseeing the management of State-owned railroad assets.

Statutes affected:
As Introduced: 5-3405