Regional Rail Reorganization Act Amendments

Regional Rail Reorganization Act Amendments - Increases, under the Regional Rail Reorganization Act, the sum authorized to be appropriated to the United States Railway Association for loans to railroads and specified corporations for specified purposes. Provides for an increase from $85,000,000 to $210,000,000.

Provides that, prior to the date upon which rail properties are conveyed to the Consolidated Rail Corporation under this Act, the Secretary of Transportation, with the approval of the United States Railway Association, is authorized to enter into agreements with the trustees of the railroads subject to bankruptcy proceedings: (1) to perform maintenance on designated rail properties until the date of conveyance under this Act; (2) to improve railroad facilities or equipment for lease or loan.

States that agreements pursuant to this Act shall contain such reasonable terms and conditions as the Secretary may prescribe.

Directs the Association to issue obligations to finance such agreements and requires the Corporation to assume any such obligations. States the aggregate amount of obligations outstanding at any one time shall not exceed $300,000,000.

Provides that whenever a court having jurisdiction over a railroad subject to reorganization under the Bankruptcy Act has found, pursuant to a final order under the Regional Rail Reorganization Act, that the reorganization of such railroad shall not be proceeded with pursuant to this Act, such reorganization court may, upon the petition of the trustees of such railroad, reconsider the order.

States that such court shall: (1) affirm its previous order or (2) issue an order that the reorganization of the railroad be proceeded with unless such reorganization does not provide a process which would be fair and equitable.