Rail Service Assistance Act of 1979

[AI summary unavailable — showing source text] Rail Service Assistance Act of 1979 - Amends the Department of Transportation Act to require the Secretary of Transportation, upon application by a State or by a railroad in corporate reorganization pursuant to bankruptcy, to provide loans or loan guarantees to continue the operations of such a railroad which serves agricultural, forestry, and energy producing and marketing activities in the northern tier of States and which has proposed to embargo freight operations on a substantial part of its line. Sets forth criteria which the Secretary is to consider in determining whether the line of railroad subject to the application should receive such financial assistance. Prohibits the discontinuance of service or abandonment of any line receiving such assistance unless: (1) such action is authorized by the Interstate Commerce Commission; and (2) no affected State or local, regional, or transportation authority opposes such action. Specifies a formula for Federal payments to railroads in reorganization which are required to continue service under this Act, upon application of such a railroad to the reorganization court. Requires the Secretary to establish a corrective action Task Force t…