Summary: S.1087 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for S.1087. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (07/30/1997)

Older Industrial Region Rail and Port Access and Modernization Act - Establishes a program of grants by the Secretary of Transportation to applicant older industrial States (Vermont, Maine, and New Hampshire) for assistance in carrying out one or more transportation projects for: (1) connecting all railroads to ports and ensuring that double-stack rail cars can travel freely throughout such States; (2) enlarging tunnels and embankments and removing, repairing, or replacing bridges or other obstructions that inhibit the free movement of freight or passenger rail cars and the use of double-stack rail cars; (3) repairing, upgrading, and purchasing railbeds and tracks, including improving track safety; and (4) constructing, operating, and maintaining train maintenance facilities and facilities for the transfer of goods and individuals between other transportation modes, including intermodal truck-train transfer facilities, passenger rail stations, and bulk fuel transfer facilities.

Sets the Federal share of such projects, which the grants represent, at 80 percent.

Establishes in the Treasury the Older Industrial Rail Modernization and Port Access Fund to carry out this Act. Authorizes appropriations.

Directs the Secretary to issue obligations to the Secretary of the Treasury to pay guaranteed loans for rail projects in an older industrial State. Limits the aggregate unpaid principal amount of such obligations at $50 million for any fiscal year. Authorizes appropriations.