Essential Rail Services Act

[AI summary unavailable — showing source text] Essential Rail Services Act - Title I: Definitions - Defines the various terms used in this Act. Title II: Northeast Rail Line Corporation - Creates the Northeast Rail Line Corporation. Establishes a thirteen member board of directors. Authorizes the Corporation to issue debentures of a face value of up to $1,000,000,000 for the purpose of financing the acquisition of rail lines of railroad companies in the Northeast region which are presently, or will be in the future, undergoing reorganization in bankruptcy proceedings. Requires the Corporation to maintain accurate books and records. Provides that the accounts of the Corporation shall be audited annually. Requires the Corporation to release to the public quarterly and annual reports. Title III: Acquisition of Rail Lines by the Corporation - Provides procedures for the conveyances of the rail lines of the bankrupt railroad companies. States that the compensation for the rail lines acquired by the Corporation shall be the net liquidation value of the property conveyed. Title IV: Operation of Corporation Rail Lines - Declares that upon the acquisition of the rail lines of any railroad company, the Corporation shall assume responsibi…