THE FEDERAL INVESTMENT IN AMTRAK'S ASSETS SHOULD BE SECURED

As of fiscal year 1980, the Federal Government had given Amtrak $3.2 billion for its capital program. Only $2.5 billion of this amount is subject to Federal security arrangements; that is, this part of the Government's investment would be protected should Amtrak be liquidated. Because the Government has funded Amtrak's capital assets, the Government's investment should be fully secured. GAO recommends that legislation authorizing Amtrak's capital funding be amended so that any future Federal funding would be made available only after Amtrak and the Secretary of Transportation enter security agreements. These agreements would create a Federal claim and secure, in favor of the United States, all assets acquired in the past and future with Federal capital funding.

• Record URL:
  http://www.gao.gov/docdblite/summary.php?recflag=&rptno=PAD-81-32
• Corporate Authors:

  U.S. General Accounting Office

  441 G Street, NW
  Washington, DC  United States  20548
• Publication Date: 1981-3-3

Media Info

• Pagination: 44 p.

Subject/Index Terms

• TRT Terms: Capital investments; Federal government; Government funding; Legislation; Passenger service
• Identifier Terms: Amtrak
• Uncontrolled Terms: Mortgages
• Subject Areas: Finance; Law; Passenger Transportation; Railroads;

Filing Info

• Accession Number: 00334341
• Record Type: Publication
• Report/Paper Numbers: PAD-81-32
• Files: TRIS
• Created Date: Jul 9 1981 12:00AM