Transit Assistance Act of 1981

[AI summary unavailable — showing source text] Transit Assistance Act of 1981 - Amends the Urban Mass Transportation Act of 1964 to prohibit a discretionary capital grant or loan from being made by the Secretary of Transportation unless the applicant has sufficient capability to maintain the facilities and equipment purchased with such grant or loan. Revises the Federal share of such grants and loans. Authorizes appropriations for fiscal years 1982 through 1986 for the purposes of such Act, including research and development and training and demonstration projects. Authorizes appropriations, beginning in fiscal year 1983, for administrative costs necessary to carry out the functions of such Act. Authorizes the Secretary to make capital grants to States and local public bodies for repair or replacement of public transportation equipment and facilities damaged by natural disaster or catastrophic occurrence. Sets forth conditions for approval of such grants. Authorizes appropriations for formula grants for fiscal years 1981 through 1984 for: (1) urban mass transit; (2) construction or operating assistance; (3) commuter rail and fixed guideway systems; and, for fiscal years 1982 through 1986, (4) the purchase of buses and related e…