Federal-Aid Railroad Act

[AI summary unavailable — showing source text] Federal-Aid Railroad Act - Title I: Findings, Purposes, and Definitions - Sets forth Congressional findings and purposes and the definition of the terms used in this Act. Title II: Interim and Emergency Measures - States that within 90 days after enactment of this Act, the trustee or trustees of any railroad in reorganization, all owners of rail lines leased to such railroad, whether ratified or affirmed or not, and all wholly owned subsidiaries and affiliates of such railroad, upon authorization therefor from the reorganization court, may tender all lines and other transportation properties, assets, and interests of such companies to the United States for lease by the United States for a term not to exceed three years. Provides that within 30 days of the receipt of such tender, the United States shall execute a lease agreement, and shall concurrently execute an operating agreement with the trustees or companies making such tender, and the operating agreement shall be executed by such trustees or companies as of the same date. States that as consideration for leasing the lines and other transportation properties, assets, and interests tendered for lease under this Act, and for thei…