INTERSTATE RAIL COMPACTS.

SEC. 410. INTERSTATE RAIL COMPACTS. (a) Consent to Compacts.—Congress grants consent to States with an interest in a specific form, route, or corridor of intercity passenger rail service (including high speed rail service) to enter into interstate compacts to promote the provision of the service, including— (1) retaining an existing service or commencing a new service; (2) assembling rights-of-way; and (3) performing capital improvements, including— (A) the construction and rehabilitation of maintenance facilities; (B) the purchase of locomotives; and (C) operational improvements, including communications, signals, and other systems. (b) Financing.—An interstate compact established by States under subsection (a) may provide that, in order to carry out the compact, the States may— (1) accept contributions from a unit of State or local government or a person; (2) use any Federal or State funds made available for intercity passenger rail service (except funds made available for Amtrak); (3) on such terms and conditions as the States consider advisable— (A) borrow money on a short-term basis and issue notes for the borrowing; and (B) issue bonds; and 111 STAT. 2588 (4) obtain financing by other means permitted under Federal or State law.