Amtrak Authorization Act of 1992

Amtrak Authorization Act of 1992 - Amends the Rail Passenger Service Act to authorize FY 1993 through 1995 appropriations for the National Railroad Passenger Corporation (AMTRAK), including funds for: (1) operating expenses for the core system and new State-supported service; and (2) mandatory payments for railroad retirement benefits and railroad unemployment insurance obligations in excess of those calculated on an experience-rated basis.

Requires that one of the two members of the AMTRAK Board of Directors appointed by the preferred stockholders be: (1) specially qualified to represent the interests of rail passengers (consumers); and (2) selected from among three qualified nominees of the National Association of Railroad Passengers.

Changes the designation "President" of AMTRAK to "Chief Executive Officer."

Eliminates the requirement that AMTRAK's articles of incorporation be amended for issuance of preferred stock required to be issued annually to the United States.

Extends to subsidiaries and lessors and lessees (thus permitting sale/lease back transactions) AMTRAK's current exemption from additional taxes for expenditures to acquire or improve real property, equipment, facilities, or rights-of-way material or structures used in the provisions of rail passenger service.

Authorizes AMTRAK to consider discontinuance, modification, or adjustment of any commuter service which, on or after October 1, 1993, has a short-term avoidable loss that exceeds in any previous six-month period the average loss per passenger mile for short-distance AMTRAK route service during such period. Requires AMTRAK to solicit public comment on alternatives to any such action before taking it.

Directs AMTRAK to: (1) develop, and report to the Congress on, a plan for demonstrating high-speed rail technologies; and (2) give technical assistance to State and regional partnerships, study groups, private sector representatives, and other Federal or State entities that seek to advance high-speed rail service through equipment upgrades and incremental infrastructure improvements on existing railroad facilities used by AMTRAK outside the Northeast Corridor.

Requires AMTRAK periodically to recommend eliminating highway at-grade crossings to the Secretary of Transportation. Requires the Secretary to develop a plan for eliminating all such crossings along the main line of the Northeast Corridor, except in specified circumstances, by December 31, 1997. Requires AMTRAK to pay 20 percent of the cost of such eliminations.

Directs AMTRAK to form a task force to consider recommendations for improving emergency training and performance (including first-aid and cardiopulmonary resuscitation, passenger evacuation, and disaster reponse) of on-board service and operating crew members. Requires a report to the Congress of task force findings and actions taken and recommended.

Requires AMTRAK, with respect to rail passenger service that commences after October 1, 1995, and serves a State not served by AMTRAK as of the enactment of this Act, to pay 75 percent of the long-term avoidable loss associated with the operation of the service in the first year and 50 percent of such loss in the second year of operation.

Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to limit the U.S. interest in any debt of the Columbus and Greenville Railway to an interest which attaches to such debt in the event of: (1) bankruptcy; or (2) substantial sale or liquidation of the assets of the railroad, the proceeds of which are not reinvested in the railroad's operations. Grants higher priority for new debt issued by such railroad subsequent to the issuance of the debt described above in the event of bankruptcy, liquidation, or abandonment of the railroads assets.