Railroad Advancement and Infrastructure Law for the 21st Century

[AI summary unavailable — showing source text] Railroad Advancement and Infrastructure Law for the 21st Century - Amends Federal transportation law to authorize appropriations for FY 2003 to the Secretary of Transportation for Amtrak capital expenditures, operating expenses, and certain mandatory payments. Repeals certain Amtrak self-sufficiency requirements terminating Federal operating grant funds (Government subsidies) to Amtrak. Authorizes emergency appropriations for specified Amtrak activities. Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to change from discretionary to mandatory the authority of the Secretary to provide direct loans and loan guarantees for railroad rehabilitation and improvement projects to State and local governments, certain interstate compacts, government sponsored authorities, and corporations, railroads, and joint ventures that include at least one railroad. Includes the acquisition, improvement, or rehabilitation of rail safety and security equipment and facilities as an eligible project for such financing. Increases the aggregate amount: (1) of direct loans and loan guarantees made at any one time for such projects; and (2) for projects primarily benefitting non-class I fre…