Essential Rail Services Act

Essential Rail Services Act - Title I: Definitions - Defines the various terms used in this Act.

Title II: Northeast Rail Line Corporation - Creates the Northeast Rail Line Corporation. Establishes a thirteen member board of directors.

Authorizes the Corporation to issue debentures of a face value of up to $1,000,000,000 for the purpose of financing the acquisition of rail lines of railroad companies in the Northeast region which are presently, or will be in the future, undergoing reorganization in bankruptcy proceedings.

Requires the Corporation to maintain accurate books and records. Provides that the accounts of the Corporation shall be audited annually. Requires the Corporation to release to the public quarterly and annual reports.

Title III: Acquisition of Rail Lines by the Corporation - Provides procedures for the conveyances of the rail lines of the bankrupt railroad companies. States that the compensation for the rail lines acquired by the Corporation shall be the net liquidation value of the property conveyed.

Title IV: Operation of Corporation Rail Lines - Declares that upon the acquisition of the rail lines of any railroad company, the Corporation shall assume responsibility for the rehabilitation and maintenance of such rail lines, and for the operation of signaling and communication devices on such rail lines.

Directs the Corporation to make capital improvements.

Allows a railroad company which conveys its rail lines to the Corporation shall have the right to continue to carry passengers and freight in return for payment to the Corporation of sixty cents per thousand gross-ton-miles of locomotive and train operation.

Grants the Corporation power to fix rights of trains, maximum train speeds, and other operational rules.

Provides that the Corporation shall be responsible for all bodily injury and property damage arising out of any accident or occurrence caused by defects in or improper maintenance of track, roadbed, signals, communications, or other facilities owned or controlled by the Corporation or caused by the negligence of a Corporation employee.

Title V: Financial Assistance - Authorizes an appropriation to the Secretary of Transportation in fiscal year 1974 of the sum of $5,000,000 to remain available until expended for disbursement to the corporation for the purpose of assisting in the initial organization and operation of the corporation.

Authorizes to be appropriated to the Secretary for disbursement to the corporation such sums as may be necessary to bring all rail lines into compliance with the requirements of this Act and of the Rail Safety Act of 1970, but not to exceed $300,000,000 in each of the two fiscal years ending June 30, 1974, and June 30, 1975.

Authorizes to be appropriated to the Secretary for disbursement to the corporation such sums as may be necessary to reimburse the corporation for the annual amounts spent for maintenance, State and local property taxes, capital improvements, and overhead expense, over and above annual receipts from user charges imposed by this Act. States that appropriations under this section shall not exceed $100,000,000 in any one fiscal year.

Title VI: Miscellaneous Provisions - Authorizes the Secretary to perform such acts as he deems necessary to carry out the provisions of this Act.

Grants jurisdiction to enforce the provisions of this Act to the United States district court.

Provides that the Corporation or any railroad company violating any rule, regulation, order, or standard of this Act shall be fined between $250 and $2,500, as determined by the Secretary.