RESTRUCTURING LONG-TERM DEBT AND CAPITAL LEASES.

SEC. 205. RESTRUCTURING LONG-TERM DEBT AND CAPITAL LEASES.(a) In General.—The Secretary of the Treasury, in consultation with the Secretary and Amtrak, may make agreements to restructure Amtrak’s indebtedness as of the date of enactment of this Act. This authorization expires 2 years after the date of enactment of this Act.(b) Debt Restructuring.—The Secretary of the Treasury, in consultation with the Secretary and Amtrak, shall enter into negotiations with the holders of Amtrak debt, including leases, outstanding as of the date of enactment of this Act for the purpose of restructuring (including repayment) and repaying that debt. The Secretary of the Treasury may secure agreements for restructuring or repayment on such terms as the Secretary of the Treasury deems favorable to the interests of the United States Government.(c) Criteria.—In restructuring Amtrak’s indebtedness, the Secretary of the Treasury and Amtrak—(1) shall take into consideration repayment costs, the term of any loan or loans, and market conditions; and(2) shall ensure that the restructuring results in significant savings to Amtrak and the United States Government.122 STAT. 4915(d) Payment of Renegotiated Debt.—If the criteria under subsection (c) are met, the Secretary of the Treasury may assume or repay the restructured debt, as appropriate.(e) Amtrak Principal and Interest Payments.—(1) Principal on debt service.—Unless the Secretary of the Treasury makes sufficient payments to creditors under subsection (d) so that Amtrak is required to make no payments to creditors in a fiscal year, the Secretary shall use funds authorized by section 102 of this division for the use of Amtrak for retirement of principal or payment of interest on loans for capital equipment, or capital leases.(2) Reductions in authorization levels.—Whenever action taken by the Secretary of the Treasury under subsection (a) results in reductions in amounts of principal or interest that Amtrak must service on existing debt, the corresponding amounts authorized by section 102 shall be reduced accordingly.(f) Legal Effect of Payments Under This Section.—The payment of principal and interest on secured debt, other than debt assumed under subsection (d), with the proceeds of grants under subsection (e) shall not—(1) modify the extent or nature of any indebtedness of Amtrak to the United States in existence as of the date of enactment of this Act;(2) change the private nature of Amtrak’s or its successors’ liabilities; or(3) imply any Federal guarantee or commitment to amortize Amtrak’s outstanding indebtedness.(g) Secretary Approval.—Amtrak may not incur more debt after the date of enactment of this Act without the express advance approval of the Secretary.(h) Report.—The Secretary of the Treasury shall transmit a report to the Committee on Transportation and Infrastructure of the House of Representatives, the Committee on Appropriations of the House of Representatives, the Committee on Commerce, Science, and Transportation of the Senate, and the Committee on Appropriations of the Senate, by June 1, 2010—(1) describing in detail any agreements to restructure the Amtrak debt; and(2) providing an estimate of the savings to Amtrak and the United States Government.