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<br />. <br /> <br />rillS Property Act of 1944 anolhe Cn~ll.easing Amendmel11s Act of <br />1976 hOlh provide for preferences to publi... hodies in the disl'ositilln nf <br />Federally owned resources." Finally, they imply Ihattherc is no ,ignifi- <br />can,'e to the fact that the preference d'llbC applic, [h.ll to pri\ate cor- <br />porations, as would Ih~ tax exemplion and rnaili"g I'm ilegt" men! i"ned <br />ah(we, but 10 governmenl agencie.... amJ III nOJ).pr,)fil a.,so.:ii:llinlls per- <br />forming quasi-governmental funu;om---all illlpli,;aliol\ ")Jall~ wilhnllt <br />merit. Thcexislence of Ihl..' prefl?ft>llt',~ l~lall'-;(' c.\lH'''' nul d~) \'iolclh:l' Itl any <br />of the basic princip!t.'.~ l)j' fitirl1l's~ wi' hill \HII" '1()L'ltly. <br /> <br />D. <br /> <br />Thl' Re~ulation of Inveslor-()wnelllllilities !)oes :><01 <br />Warrantlhe Eliminalion IIf the I'referenee Clause. <br /> <br />The- argunll.'ut ha~~ ht~L'n illUde Ih:lllhl' prL'krl.'IlL'L' dau~~ Illay have h('(,11 <br />juslified !Wellt)' year..; ago, whcll pri\'atl.: ulililie.... \\"I..'rl..' not dll~eJy regu- <br />latedl hlll1hat it i:-. nl) Illllgl'r jll.'.tiried inliglll of the Ill:igl1(~lIL'd L'llnCL'rtl <br />of Pllhli...: IHilily cl)l1lnll'lsinll~ iJlhl C\Hl"dllll~r gnHIJ1S O\.C,. utilily r~Ht.'.'l. II <br />is correct thai ont: l'l" lilt: n.:aSllll:-. wl\.h.:rl~ illg Iht' pfc..'ft.:'fCJll.'L' 1.:I,JIISL' W:1:-i <br />lhe ahll.'ie~ uf in\'csll)r-Ownr?d 1I11Iilh~~, dlld fhal many l)!" thnsl.:' ahllsc~ <br />h.:]\'c-1halCd Of l'Jl(jcd. However, II~ pllirllL'd OUI c;:I"'l',,,llcrc in lhi~ paper, <br />regulatloll remalllS Llll 1l1lpL'rfeLI .";lIh~liIUIl.' 1"." llll1l(1Ciilii.l1l and Ih~rl? <br />arc many qucsli\.HI:lhk pra..:I]l:I~:, ''''IlJ!<l~l'd ill h~' 11lililic~ whi\..h (lllltinlle <br />to be the subj~l..:\ of lit\gation ill rq~HIi.\ll)ry a~~~HLil~' and lh..: ClHlIh. <br />f\1I1nidpally- and l:onpcraii\'dY'IJWn,'d 1I111ilic" arC' IIpl rq~lIlall'd hy <br />state commissions in InO'l1 illn~dil.'linll~. rile.\' ;tn: \H\'Ili,,'d hy "h.'ir 1:11..... <br />tOl1ler~ and are suhjel'l 10 Ihe IIHU:lIIIlUl\' c\<ldillg pre....~lIrl' Dr rhe (h:\ir~ <br />of the owners 10 mailltaill rale.. ;tf Ilh~ )O\\.C-., rr.;h.'li(ahlc k\'L'1. r\'ll1nici- <br />pal el~crric sy~''-'nl.'l whidl do ndl f1'pnJ'l In ~iall' ,:lllllllli..'ii\llh l1a\'c iln <br />motive 10 charge 1I1111~~:c~sarily high l"HIt.:'. ,,111(L' Illl? ..pruril...... if allY. <br />from su~h a~liL)ns ultilll;,udy revert II) lite \..'iIY", 11\.'~I"'ur~ ilnd Ihll~ Ii) lhe <br />people. Thus, the l":ll:1 thai pri\'ak L1lillli~'", ;t1"1': ~uhil.'cl In stall' h..'!-'uja. <br />lions and ':lom" preferencc ilgClhjl'''i .\1(' IWI hit... 1111 hL.'ilnll~! on !hl' ,'Ol)- <br />tinued (:xisten((' or the prl'l t..'n.:' I h.: L' dc.HhL. <br /> <br />. <br /> <br />}'5~ S(al. 770, (. 479 ~U, 50 1I.S.l <br />Apr. ~lh~2; 40 Sial. IOR3, lOH~. <br />JOUSe. !OI 1 <III 1 I. <br /> <br />29 <br />