Regional Rail Reorganization Act Amendments of 1975

[AI summary unavailable — showing source text] Regional Rail Reorganization Act Amendments - Increases, under the Regional Rail Reorganization Act, the sum authorized to be appropriated to the United States Railway Association for loans to railroads and specified corporations for specified purposes. Provides for an increase from $85,000,000 to $185,000,000. Provides that, prior to the date upon which rail properties are conveyed to the Consolidated Rail Corporation, the Secretary of Transportation, with the approval of the United States Railway Association, is authorized to enter in to agreements with the trustees of the railroads subject to bankruptcy proceedings: (1) to perform maintenance on designated rail properties until the date of conveyance; (2) to improve railroad facilities and equipment; and (3) to acquire railroad facilities or equipment for lease or loan. States that such agreements shall contain such reasonable terms and conditions as the Secretary may prescribe. Directs the Association to issue obligations to finance such agreements and requires the Corporation to assume any such obligations. States the aggregate amount of obligations outstanding at any one time shall not exceed $300,000,000.…