Surface Transportation Act

[AI summary unavailable — showing source text] Surface Transportation Act - Title I: Financial Assistance to Railroads - Rail Freight Transportation Improvement Act - Authorizes the Secretary of Transportation to guarantee any person against loss of principal and interest on securities, obligations (including rolling stock leases), or loans issued for the purpose of financing acquisitions or improvements specified in this Act. States that the maturity date of any security, obligation, or loan, including all extensions and renewals thereof, shall not be later than 20 years from its date of issuance, nor be later than the end of the useful life of any asset to be financed by the security, obligation, or loan. Provides that the loan guarantees authorized by this Act may be made for the purpose of financing the acquisition, construction, maintenance, or development of the following railroad facilities and equipment: (1) track determined by the Secretary to be essential for present and future rail service needs; (2) structures and similar improvements; (3) railroad communications and power transmission systems; (4) signals; (5) terminal facility modernization and consolidation; and (6) new and rebuilt rolling stock. Requires that be…