Local Rail Service Amendments

[AI summary unavailable — showing source text] Local Rail Service Amendments - Revises the Regional Rail Reorganization Act by reducing from $1,500,000,000 to $25,000,000 the amount of United States Railway Association obligations which may be outstanding at any one time. Removes from the Association the authority to make loans to the National Railroad Passenger Corporation to assist in implementing the final system plan for the Northeast Corridor. Authorizes the Secretary of Transportation to make modernization and acquisition loans directly rather than through the Association. Authorizes to the Secretary the appropriation of such sums as may be necessary to meet the administrative expenses associated with his responsibility under this Act. Prohibits the trustees of railroads in reorganization from making any previously deferred interline payments when the railroad has received or is likely to need emergency assistance within 90 days before or after the proposed payment. Enables the Secretary to use up to $25,000,000 of any emergency assistance not spent by the time the final system plan becomes effective for improvements to the Northeast Corridor for high speed rail passenger service. Provides that an equipment obligee may no…