Brownian local time of the second order

According to the Ray–Knight description the Brownian local time with respect to the spatial variable is a diffusion process in a certain conditional probability space. This diffusion has a local time. Thus, we come to the definition of local time from the initial Brownian local time. We will call such a process the Brownian local time of the second order. The paper studies the Laplace transform of the distribution of the Brownian local time of the second order.