Urban Mass Transit Act

[AI summary unavailable — showing source text] Urban Mass Transit Act - Sets forth Congressional findings relating to rapid urbanization. Title I: Urban Mass Transit Revenue Act - Creates in the Treasury a trust fund to be known as the urban mass transit fund to consist of such amounts as may be appropriated or credited to the trust fund. Authorizes to be transferred to the fund an amount equivalent to the tax received from the excise tax on automobiles. Gives the management of the fund to the Secretary of the Treasury. Authorizes investment of the fund and requires reports. Provides that the amounts in the trust fund shall be available as provided by appropriation acts for making expenditures to meet obligations of the United States under the Urban Mass Transportation Act. Provides for repayment of advances with interest. Title II: Urban Mass Transportation Amendments - Revises the procedures relating to the programs provided under the Urban Mass Transportation Act of 1964. Authorizes the following appropriations to finance grants and loans and administrative cost under this Act: (1) $1,000,000,000 for the fiscal year ending June 30, 1974; (2) $2,000,000,000 for the fiscal year ending June 30, 1975; (3) $3,000,000,000 for the …