Rail Amendments

(Measure passed House, amended, roll call #809 (317-49))

Rail Amendments - =Title I: Amendments to the Regional Rail Reorganization Act of 1973= - Amends the Regional Rail Reorganization Act of 1973 to make the performance of the functions of the Office of Rail Public Counsel the responsibility of the Rail Services Planning Office until a Director of the Office of Rail Public Counsel has taken office. Transfers the funds appropriated to the Rail Public Counsel, pursuant to the Railroad Revitalization and Regulatory Reform Act of 1976, to the Director of the Rail Services Planning Office for such purpose.

Sets forth the right of the Consolidated Rail Corporation to acquire interests in rail marine freight floating equipment with full immunity for its officers and directors and full deficiency judgment protection.

Increases the aggregate principal on loan agreements for payments of obligations which the United States Railway Association may enter into with the Consolidated Rail Corporation, the National Railroad Passenger Corporation, and profitable railroads from $230,000,000 to $300,000,000. Allows such obligations to include payments for claims deriving from membership in employee voluntary relief plans and employee medical and life insurance plans.

Requires the Corporation to promptly make application to the Association for loan funds if the "cash and other current assets of the estates" of railroads in reorganization are insufficient to pay specified obligations. Specifies priorities for the disbursement of funds held in escrowed accounts by a railroad in reorganization which are determined to be "cash and other current assets of the estate" of such railroad.

Increases the aggregate principal amount of obligations issued by the Association which may be outstanding at any one time from $275,000,000 to $345,000,000.

Authorizes the Secretary to make payments to the trustees of any railroad in reorganization to discharge obligations to nonemployee claimants for personal injuries suffered while the railroad was in reorganization.

Prohibits the use, in any action for damages or compensation, of any determination of payment or value of rail property with respect to any lease agreement or sale agreement entered into after the date of enactment of this Act.

Entitles the Consolidated Rail Corporation, the National Railroad Passenger Corporation, an acquiring railroad, or the United States Railway Association to a direct claim from the estate of a railroad in reorganization for amounts paid by such entities for specified employee claims against the railroad in reorganization.

Revises the method for determining the monthly displacement allowance for protected employees adversely affected by railroad reorganization.

Makes the resolution procedures established by the Consolidated Rail Corporation the exclusive means available for resolving disputes between the Corporation and noncontract employees and stipulates that any arbitration decision shall be final with respect to such parties.

=Title II: Amendments to the Railroad Revitalization and Regulatory Reform Act of 1976= - Sets forth prerequisites and conditions for obligations to be federally guaranteed under the Railroad Revitalization and Regulatory Reform Act of 1976.

=Title III: Amendments to the Interstate Commerce Act= - Amends the Interstate Commerce Act to remove the authority of the Interstate Commerce Commission with respect to the discontinuance or abandonment of any spur, industrial, team, switching, or side tracks which are located entirely in one State or any street, suburban, or interurban electric railway which is not operated as part of a general system of rail transportation.

=Title IV: General Provisions= - Directs the Secretary of Health, Education, and Welfare to submit a report to the Congress on the environmental effects of the Rail Passenger Service Act and the financial effects on the National Railroad Passenger Corporation and the railroad industry of any repeal or modification of a portion of such Act.

Directs the Interstate Commerce Commission to report to Congress on problems of, and need for, rail transportation on the Delaware-Maryland-Virginia Peninsula.

Makes the provisions of this Act effective October 1, 1976.