Rolling Stock Utilization and Financing Act

Rolling Stock Utilization and Financing Act - Title I: National Rolling Stock Information Service and Federal Railroad Equipment Obligation Insurance Fund - States that the purposes of this Act are: (1) to improve the utilization and distribution of rolling stock to meet the needs of commerce, users, shippers, the national defense, and the consuming public; (2) to assist railroads in acquiring additional rolling stock to provide fast and expeditious service to meet the increasing demands of the Nation's economy; and (3) to assist in achieving full employment by insuring adequate equipment necessary to transport the products of American industry. Defines the terms used in this Act.

Creates a Federal Railroad Equipment Obligation Insurance Fund to be used to insure the Interest on, and the unpaid principal balance of, any equipment obligation determined eligible for insurance. Establishes a Board to administer this Fund.

Requires the Board before insuring any equipment obligation to determine in writing that specified limitations and conditions are met, including: (1) that the equipment obligation is secured by rolling stock to be financed or refinanced thereby; (2) that the terms of the equipment obligation require full payment within fifteen years from the date thereof; and (3) that the financing or refinancing of the rolling stock is justified by the present and future demand for transportation services to be rendered by the railroad or car-pooling company for which the rolling stock is procured.

Authorizes the Board to issue notes or other obligations to the Secretary of the Treasury if at any time the moneys in the fund are not sufficient to pay any amount under an agreement entered into under this section.

Allows the Board to consent to the modification of the provisions of an equipment obligation as to rate of interest, time of payment of interest or principal, security, or the terms and conditions of any contract of insurance entered into pursuant to this Act.

Requires the transactions of the Board to be audited by the Comptroller General in accordance with such rules and regulations as he may prescribe and requires a report to be made to the Congress.

Title II: To Improve Utilization - Authorizes the Secretary of Transportation to design and assist railroads in establishing a national rolling stock information system. Provides that such system shall facilitate equitable distribution and economic utilization of rolling stock by furnishing information to railroads, shippers, the Interstate Commerce Commission, and the public about rolling stock with respect to physical characteristics, origin, destination, location, availability for future loadings, and such other information as determined useful.

Requires a semiannual report to Congress on progress under this title. Relieves persons contracting for the design of a national information system or the use of such information from the antitrust laws with respect to such contract. Authorizes an appropriation of $10,000,000 for purposes of this section.

Requires the Secretary to develop an index measuring the degree of utilization of freight cars, and to publish such index at least quarterly together with a report setting forth the changes in such utilization of freigh cars thirty days after each report by the Secretary.

Provides for a study by the Secretary, with legislative recommendations, on the utilization of freight cars and means to improve such utilization. Provides for a study on the use of abandoned railroad trackage and rights-of-way as recreational trails and camp sites.

Title III: Rolling Stock Authority - Authorizes the establishment of a corporation known as the Rolling Stock Authority if substantial progress in freight car supply and utilization has not been made within three and one-half years of enactment of this Act. States that the purposes of the Authority shall be to acquire, maintain, and provide rolling stock, to manage a pool of such rolling stock, and to employ innovative concepts for equitable distribution and efficient use of such rolling stock to meet the needs of the national economy.

Provides that the Authority shall have a Board of eleven Directors, consisting of the Secretary of Transportation, the Secretary of the Treasury, and nine members, to be appointed by the President upon the recommendation of specified railroad, labor, shipping, and consumer organizations.

Empowers the Authority to adopt rules and regulations for the conduct of its business; sell, exchange, or otherwise dispose of its property and assets; build, own, and maintain rolling stock to be operated for the purpose of providing modern efficient freight transportation of goods; and conduct research and development related to the purposes of this Act.

Provides that every railroad shall pay to the Authority a per diem surcharge of fifty cents per car day on each general service freight car for each day that such a railroad incurs a car-hire charge for the use of such car. States that the levy shall continue until the Board of Directors determines that such sum as may be necessary for this Act but not less than $10,000,000 nor more than $30,000,000 will be due or will have been paid as of a certain date, whereupon the levy will cease. Requires the Authority to issue a negotiable, interest-bearing debenture to each railroad in the amount of the per diem surcharge paid by such railroad.

Empowers the Authority to incur debts for capital purposes. Permits the Secretary of the Treasury to purchase the obligations of the Authority guaranteed by the United States in an amount not to exceed $1,000,000,000.

Authorizes appropriations of $10,000,000 to acquire capital stock of the Authority; and such sums as may be necessary for the Secretary of the Treasury to pay the principal and interest on notes or obligations issued as guarantees under this section.

Provides for the audit of expenditures under the Government Corporation Control Act.

Requires a plan for the public sale of stock in the Authority, including a program to require refinancing, and to assure that the sale of the stock will result in a wide dispersion in the ownership of the stock.

Requires the Authority to establish a national rolling stock information system within one year of enactment if such system is not in operation at the date of incorporation.

Provides that the Authority shall establish charges for the use of rolling stock supplied by it, and shall establish terms and conditions governing the use of its equipment. States that the Authority shall be subject to the car service provisions of the Interstate Commerce Act, and the orders of the Commission thereunder to the extent applicable. Provides that the Authority may enforce compliance with any obligation owing to it under this Act by an appropriate civil action.

Prohibits a railroad from refusing to transport general service freight cars owned by the Authority.

Requires an annual report to the President and the Congress by the Authority on its activities under this Act.

Title IV: General Provisions - Requires the Authority, in contracts under this Act: (1) to include equitable arrangements to protect the interests of individual employees affected in their employment by any such contract; (2) to conform to prevailing practices of the railroad industry in distributing such work among railroads and nonrailroads with rolling stock building and rebuilding facilities; and (3) to insure prevailing wages for construction work.