A bill to provide authorization of appropriations for railroad rehabilitation and improvement financing, and for other purposes.

(Reported to Senate from the Committee on Commerce, Science, and Transportation with amendment, S.Rept. 97-405)

Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to extend until September 30, 1985, the authorization for the Secretary of Transportation to issue and sell anticipation notes for the Railroad Rehabilitation and Improvement Fund. Authorizes appropriations for such Fund for FY 1983 to remain available until October 1, 1985. Sets forth limitations on authorized expenditures from the Fund. Provides that funds appropriated for the preference share program (a program which provides low interest loans for the rehabilitation and acquisition of railroad facilities) before October 1, 1982, shall remain available until expended.