I
107TH CONGRESS
1ST SESSION
H. R. 2950
To provide for the financing of high-speed rail infrastructure, and for other
purposes.
IN THE HOUSE OF REPRESENTATIVES
SEPTEMBER 25, 2001
Mr. YOUNG of Alaska (for himself and Mr. QUINN) introduced the following
bill; which was referred to the Committee on Transportation and Infra-
structure, and in addition to the Committee on Ways and Means, for a
period to be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the com-
mittee concerned
A BILL
To provide for the financing of high-speed rail infrastructure,
and for other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Rail Infrastructure De-
velopment and Expansion Act for the 21st Century’’.
SEC. 2. HIGH-SPEED INTERCITY RAIL FACILITY BONDS.
(a) AMENDMENT.—Chapter 261 of title 49, United
States Code, is amended by adding at the end the fol-
lowing new section:
‘‘§ 26106. High-speed rail infrastructure bonds
‘‘(a) DESIGNATION.—The Secretary may designate
bonds under this section if—
‘‘(1) the bonds are to be issued by—
‘‘(A) a State, if the entire railroad pas-
senger transportation corridor containing the
infrastructure project to be financed is within
the State;
‘‘(B) 1 or more of the States that have en-
tered into an interstate compact under section
410 of the Amtrak Reform and Accountability
Act of 1997 (49 U.S.C 24101 nt); or
‘‘(C) an interstate compact described in
subparagraph (B);
‘‘(2) the bonds are for the purpose of
financing—
‘‘(A) projects to provide a major portion of
the infrastructure required to complete a rail-
road passenger transportation corridor, for
transportation 
described 
in 
section
20102(1)(A)(ii), designed for sustained cruising
speeds of 125 miles per hour or more, but only
if the Secretary determines that the projects
are part of a viable and comprehensive railroad
passenger transportation corridor design for
high-speed intercity rail passenger service; or
‘‘(B) projects for the Alaska Railroad;
‘‘(3) for a railroad passenger transportation
corridor design that includes the use of freight rail-
road rights-of-way, a written agreement exists be-
tween the applicant and the freight railroad regard-
ing such use, including compensation for such use
and assurances regarding the adequacy of infra-
structure capacity to accommodate both existing and
future freight and passenger operations;
‘‘(4) the corridor design eliminates all existing
railroad grade crossings and requires no additional
railroad grade crossings to be created; and
‘‘(5) the applicant agrees to comply with the
standards of section 24312 of this title, as in effect
on September 1, 2001, with respect to the project.
‘‘(b) BOND AMOUNT LIMITATION.—The Secretary
may designate bonds under this section in amounts not
to exceed $3,600,000,000 for each of the fiscal years 2003
through 2012. Any amount of the limitation under this
subsection not used for a fiscal year may be carried over
and used as an additional limitation amount for any sub-
sequent fiscal year.
‘‘(c) PREFERENCE.—The Secretary shall give pref-
erence to the designation under this section of bonds for
projects—
‘‘(1) with respect to which the State or States
will provide State funds, for purposes other than
paying the principal or interest on the bonds, that
are not derived, directly or indirectly, from transfers
from the Highway Trust Fund under section 9503
of the Internal Revenue Code of 1986; or
‘‘(2) which propose to link rail passenger serv-
ice with other modes of transportation.
‘‘(d) TIMELY DISPOSITION OF APPLICATION.—The
Secretary shall grant or deny a requested designation
within 9 months after receipt of an application.
‘‘(e) ANNUAL REPORT.—The issuer of bonds des-
ignated under this section shall report annually to the Sec-
retary regarding the terms of outstanding designated
bonds and the progress made with respect to the project
financed by the bonds.
‘‘(f) TAX PROVISIONS.—
‘‘(1) EXCLUSION FROM GROSS INCOME.—The
interest on a bond designated by the Secretary
under subsection (a) shall be excluded from gross in-
come under section 103 of the Internal Revenue
Code of 1986, notwithstanding section 149(c) of
such Code.
‘‘(2) EXEMPTION
FROM
VOLUME
CAP.—For
purposes of section 146 of such Code, a bond des-
ignated by the Secretary under subsection (a) of this
section shall be considered to be exempt from the
volume cap of the issuing authority in the same
manner as bonds listed in subsection (g) of such sec-
tion 146.’’.
(b) TABLE OF SECTIONS AMENDMENT.—The table of
sections of chapter 261 of title 49, United States Code,
is amended by adding after the item relating to section
26105 the following new item:
‘‘26106.
High-speed rail infrastructure bonds.’’.
SEC. 3. HIGH-SPEED RAIL CORRIDOR DEVELOPMENT.
(a) CORRIDOR DEVELOPMENT.—
(1) AMENDMENTS.—Section 26101 of title 49,
United States Code, is amended—
(A) in the section heading, by striking
‘‘planning’’ and inserting ‘‘development’’;
(B) in the heading of subsection (a), by
striking ‘‘PLANNING’’ and inserting ‘‘DEVELOP-
MENT’’;