Milwaukee Railroad and Rock Island Railroad Amendments Act of 1981

[AI summary unavailable — showing source text] Milwaukee Railroad and Rock Island Railroad Amendments Act of 1981 - Amends the Milwaukee Railroad Restructuring Act to revise procedures by which the Interstate Commerce Commission (ICC) oversees the purchase of bankrupt rail lines by financially responsible persons. Defines a "financially responsible person" as one who is capable of paying the purchase price of a railroad line and the expenses of providing service over the line for at least two years. Amends the Rock Island Railroad Transition and Employee Assistance Act to direct the Secretary of Transportation to pay benefits and allowances provided under specified employee protection agreements up to a specified amount. Authorizes appropriations for such benefits and allowances. Declares that the ICC's authority to grant temporary operating approval for the use of Rock Island or Milwaukee Railroad facilities shall continue until a plan of reorganization or liquidation is approved by the ICC and the bankruptcy court.…