A bill to amend the Urban Mass Transportation Act of 1964 to authorize financial assistance for emergency rail passenger service operating assistance.

[AI summary unavailable — showing source text] Directs the Secretary of Transportation to provide financial assistance to States and local bodies and agencies for the purpose of reimbursing the Consolidated Rail Corporation for providing rail passenger service pursuant to the Regional Rail Reorganization Act during the 180-day period following the date of conveyance of rail passenger service incurred by such States and local bodies and agencies thereof for the payment of rail passenger service continuation subsidies. States that the Federal share of assistance through September 30, 1977 shall be 100 percent and shall be 50 percent through September 30, 1978. Stipulates that such assistance shall not apply to intercity rail passenger service provided pursuant to an agreement with the National Railroad Passenger Corporation which was effective immediately prior to the date of conveyance. Permits the Secretary to incur obligations on behalf of the United States to finance this Act in an aggregate amount of up to $125,000,000. Authorizes appropriations for liquidation of the obligations of up to $40,000,000 for fiscal year 1976, $95,000,000 for fiscal year 1977, and $125,000,000 for fiscal year 1978.…