Rail Passenger Service Restructuring, Reauthorization, and Development Act - Amends Federal law regarding the intercity passenger rail service program to restructure Amtrak into two independent entities known as: (1) the National Railroad Passenger Corporation (Amtrak), which shall provide overall supervision of the restructuring of the intercity passenger rail program; and (2) the American Passenger Railway Corporation (APRC), which shall be responsible (in place of Amtrak) for conducting passenger operations, infrastructure maintenance, and related services, including operation of reservation centers and ownership and maintenance of rolling stock.
Authorizes operating grants to States, and to the APRC, to reimburse operators of corridor routes and of long distance routes operated by Amtrak on the date before restructuring for a portion of the operating subsidies required to operate those routes with the same train frequencies.
Establishes the Long Distance Route Restructuring Commission, which shall submit to Congress a plan for restructuring long distance intercity passenger rail routes in a manner that will reduce Federal operating subsidies on them by at least 50 percent by the end of FY 2010. Sets forth certain criteria for the restructuring of a long distance route as a linked corridor. Provides for the transfer of certain Amtrak assets to the APRC.
Authorizes Northeast Corridor States and the District of Columbia to enter into the Northeast Corridor Compact to manage railroad operations and rail service and conduct related activities on the Northeast Corridor mainline between Boston Massachusetts, and Washington, DC (effectively succeeding to the responsibilities of Amtrak as manager of the Northeast Corridor).
Directs the Secretary to implement a capital grant program to restore the mainline of the Northeast Corridor to a state of good repair.
Authorizes the Secretary to make capital investment grants to establish or add additional train frequencies for new, and modernization of existing, intercity corridor passenger rail service.
Prohibits Amtrak and the APRC from entering into any obligation secured by assets. Directs the Inspector General of the Department of Transportation to employ an independent financial consultant to: (1) assess Amtrak's financial accounting and reporting system; and (2) design and assist the APRC in implementing a modern system.
Directs the Secretary of the Treasury to restructure Amtrak's indebtedness, and the Secretary of Transportation to negotiate with Amtrak debt- and leaseholders accordingly, and secure repayment agreements.
Authorizes appropriations.