A bill to amend the Urban Mass Transportation Act of 1964 relating to certain operating assistance under the Act.

[AI summary unavailable — showing source text] Amends the Urban Mass Transportation Act of 1974 to repeal the emergency financial assistance provided in such Act for reimbursement for the costs of providing certain mandatory rail passenger service. Directs the Secretary of Transportation to reimburse States and local public bodies and agencies for the cost of modernizing and rehabilitating rolling stock, and publicly owned road bed, and for the costs of supporting or operating electric railways designated as Class I. Repeals the present formula for the apportionment of such reimbursement funds and directs the Secretary to establish a new formula within 90 days after the enactment of the Urban Mass Transportation Act Amendments of 1978. Sets forth the Federal share for the payment of subsidies for operating expenses and for rolling stock or publicly owned road bed modernization or rehabilitation. Authorizes appropriations in specified amounts through fiscal year 1982 for such payments.…