National Transportation Rehabilitation and Modernization Act

[AI summary unavailable — showing source text] National Transportation Rehabilitation and Modernization Act - Title I: General Provisions - Declares it to be the purpose of Congress to provide for employment opportunities, the conservation of resources, and the promotion of safe, efficient, adequate and economical transportation services through financial assistance and programs to rehabilitate, modernize, and improve essential transportation systems. Defines terms used in this Act. Title II: Railroad Rehabilitation and Improvement - Directs the Secretary of Transportation to provide funds to railroads, governmental transportation authorities and other responsible persons for rehabilitating, modernizing, or improving railroad facilities and railroad equipment as defined in this Act. Specifies what percentage of the cost of improvement projects on various Rail Systems may be covered by Federal funds. Provides for the Secretary to make loans to cover up to the total cost of a project in cases where the borrowing railroad, because of improvements effected by the project, will be in a position to repay the loan. Defines the "National Railroad System" (National System) or all railroads within the continental United States subject to…