High Speed Surface Transportation Development Corporation Act of 1991

High Speed Surface Transportation Development Corporation Act of 1991 - Authorizes the establishment of a High Speed Surface Transportation Development Corporation to provide financial and other assistance to States to encourage the development and use of high speed surface transportation technologies, particularly in regions with dense population centers or high population growth rates. Declares that such corporation shall not be a Federal agency or establishment.

Sets forth provisions with respect to the administration of the Corporation.

Authorizes the Corporation, with the approval of the Secretary of the Treasury, to guarantee, for no more than 75 percent of total project costs, loans used in connection with the research, development, and construction of high speed surface transportation facilities (not including rolling stock). Sets forth certain requirements with respect to such guaranteed loans.

Authorizes appropriations.

Establishes in the Treasury the High Speed Surface Transportation Fund. Authorizes the Corporation to direct the Secretary of the Treasury to invest excess amounts of Fund money in U.S. obligations, or obligations guaranteed by the United States, or other governmental or agency obligations or U.S. securities. Authorizes the use of Fund moneys to pay for expenses of the Corporation and to back up its loan guarantees.

Sets forth provisions with respect to the application for and agreements on the use of such guaranteed loans.

Authorizes the Comptroller General to audit and report to the Congress on the operations of the Fund.

Requires the Corporation to transmit an annual report to the President and to the Congress.