(a) After an operator of a railroad within the State of Arkansas has filed a notice of rail line abandonment consistent with the Interstate Commerce Commission Termination Act of 1995, Pub. L. No. 104-88, and notice of the proposed rail line abandonment has been received by the Arkansas Economic Development Council, the council shall notify appropriate entities of the proposed abandonment.

(b) (1) Within ten (10) working days of receipt of a notice to abandon a rail line by an operator of a railroad within the State of Arkansas, the council shall notify in writing:

(A) All regional mobility authorities and all regional intermodal authorities that are directly affected by the proposed rail line abandonment within their areas of jurisdiction; and

(B) If no regional mobility authorities or regional intermodal authorities exist within the region to be affected by the proposed rail line abandonment, all mayors and county judges who are directly affected by the proposed rail line abandonment within their areas of jurisdiction.

(2) If there is an existing regional mobility authority or regional intermodal authority that is directly affected by a proposed rail line abandonment in their areas of jurisdiction, either or both of these authorities shall notify the council within ten (10) working days of the receipt of notice of the proposed rail line abandonment of their interest or lack of interest in obtaining or preserving the rail line proposed for abandonment.

(3) If there is no existing regional mobility authority or regional intermodal authority in the area proposed for rail line abandonment, the affected mayors and county judges within the area of the proposed rail line abandonment shall notify the council within ten (10) working days of the receipt of notice of the proposed rail line abandonment of:

(A) Their lack of interest in obtaining and preserving the rail line proposed for abandonment;

(B) Their interest in obtaining or preserving through existing resources the rail line proposed for abandonment; or

(C) Their interest in forming a new regional mobility authority or regional intermodal authority, part of whose purpose would be to obtain or preserve the rail line proposed for abandonment.

(4) If the mayors or county judges, or both, in the areas directly affected by the proposed rail line abandonment respond indicating their intention to form a new regional mobility authority or regional intermodal authority, part of the purpose of which would be to obtain or preserve the rail line proposed for abandonment, the mayors or county judges are allowed not more than one hundred twenty (120) days from the notice of the proposed rail line abandonment to form a regional mobility authority or regional intermodal authority to obtain or preserve the rail line proposed for abandonment.

(5) Any costs associated with maintenance of the rail line proposed for abandonment shall be borne by the receiving party from the date of the notice of the proposed rail line abandonment until the ownership or preservation of the abandoned rail line has been determined.