Federal Aid Railroad Act

[AI summary unavailable — showing source text] Federal Aid Railroad Act - Title I: Fundings, Purposes, and Definitions - Enumerates the purposes of this Act, including that it is necessary to designate an Interstate Railroad System and to organize a nonprofit corporation to modernize the rail lines. Defines the terms used in this Act. Title II: Interstate Railroad System - Requires every rail carrier to submit an inventory of rail lines to the Secretary of Transportation, the Rail Services Planning Office and the Interstate Railroad Corporation. States that the initial Interstate Railroad System shall consist of all rail lines operated by domestic railroad companies which are subject to traffic usage of at least 10 million gross ton-miles per year per mile of rail line. Prescribes the procedures for final designation of the System and for the establishment, maintenance and modification of the System. Provides for the designation of high density passenger corridors in the System and for satisfaction of long-term capital improvement needs. Authorizes to be appropriated, for purposes of this title, $1,000,000 each for the Rail Services Planning Office and for the Corps of Engineers. Title III: Interstate Railroad Corporation - Aut…