Emergency Special Public Service Employment and Railroad Improvement Act

Emergency Special Public Service Employment and Railroad Improvement Act - States that the purpose of this Act is to provide, under the Comprehensive Employment and Training Act, transitional job opportunities and related training for unemployed and underemployed persons and to stimulate and expedite repair and rehabilitation of the Nation's rail transportation network.

Authorizes appropriations of $300,000,000 for fiscal year 1975 and such sums as are necessary for fiscal year 1976 to carry out the purposes of this Act.

Directs the Secretary of Labor to enter into arrangements with eligible applicants in order to make financial assistance available for the purpose of providing employment for unemployed and underemployed persons in transitional jobs for improvement of railway lines and facilities, and training and manpower services related to such employment.

Requires that preference be given to unemployed persons who are either ineligible for or have exhausted their unemployment insurance benefits.

Sets forth provisions governing approval of applications for assistance under the provisions of this Act. Limits the average Federal financial assistance for each public service job to $10,000 per year. Directs the Secretary to allocate funds on an equitable basis, taking into account the severity of unemployment in particular areas and the recommendations of the Secretary of Transportation.

Requires the Secretary of Transportation to certify to the Secretary particular railroad lines and facilities which are in special need of maintenance, upgrading, or improvement and which can be substantially completed within twelve months after financial assistance is made available.

Limits the Federal share of programs funded under this Act to 70 percent.

Requires any State or local or regional transportation authority receiving financial assistance under this Act to contribute at least 30 percent of the cost of the program for which Federal assistance is provided.

Directs the National Railroad Passenger Corporation to execute an agreement with the eligible applicant which will describe the work to be done, the timetable, and which will provide a mechanism for insuring that the National Railroad Passenger Corporation will receive a reasonable portion of the benefit of the value added to the rail lines or facilities involved.