49 U.S.C. § 24317 — Accounts

(a) Purpose — This section exists to: (1) help Amtrak use and manage its revenue, government and private investments, grants, and other funding well; and (2) make it clearer how revenue (including federal grants) and costs are split among Amtrak's service lines, while keeping both the Northeast Corridor and the National Network financially healthy. (b) Account Structure — (1) The Secretary of Transportation, working with Amtrak, must set up, maintain, and periodically update an account structure and better accounting methods to support the Northeast Corridor and National Network. (2) The Secretary must tell four congressional committees (Senate Commerce, Senate Appropriations, House Transportation and Infrastructure, House Appropriations) about any major changes to the account structure, including changes to the service lines (defined in section 24320(b)(1)) and asset lines (defined in section 24320(c)(1)). (c) Financial Sources — When setting up the accounts, the Secretary must make sure, as much as practical, that Amtrak sorts money as follows: (1) Into the Northeast Corridor account: all revenue, grants, and other funding tied to the Northeast Corridor, including (A) grant money appropriated for it under the Passenger Rail Reform and Investment Act of 2015 or later laws, (B) payments from commuter rail providers for their share of Northeast Corridor costs under section 24905(c), and (C) any operating surplus from the Northeast Corridor, split under section 24318. (2) Into the National Network account: all revenue, grants, and other funding tied to the National Network, including (A) grant money appropriated for it under the same 2015 Act or later laws, (B) payments from states under section 209 of the 2008 Act, and (C) any National Network operating surplus, split under section 24318. (d) Financial Uses — The Secretary must also make sure, as much as practical, that money in each account gets spent as follows: (1) Northeast Corridor money covers all related costs, including (A) operating activities, (B) capital activities described in section 24904(a)(2)(E), (C) buying, fixing, or upgrading equipment and facilities for Northeast Corridor train service, (D) paying principal and interest on loans or capital leases for these projects, (E) other capital projects the Secretary approves, consistent with section 24905(c)(1)(A)(i), and (F) capital projects described in section 24904(b), if they apply. (2) National Network money covers all related costs, including (A) operating activities, (B) capital activities, and (C) principal and interest on related loans or leases. (e) Implementation and Reporting — (1) Amtrak, working with the Secretary, must maintain and use the account structure so it can produce sources-and-uses statements for each service line and, where relevant, each asset line, showing where money comes from and how it moves between accounts. (2) Within 30 days after the new structure is in place, and monthly after that, Amtrak must send the Secretary updated sources-and-uses statements — unless the Secretary and Amtrak agree to report on a different schedule. (f) Account Management — For routine account management, Amtrak can move money between the Northeast Corridor and National Network accounts without the prior notice and approval required by subsection (g), as long as the transfer: (1) doesn't materially hurt Amtrak's ability to hit its financial, capital, and operating goals for the year; and (2) wouldn't materially change any grant agreement made under section 24319(d) or other required federal agreements. (g) Transfer Authority — (1) If a transfer doesn't meet the routine standards in subsection (f), Amtrak can still move money between the two accounts if: (A) it tells the Amtrak Board of Directors, including the Secretary, at least 10 days before the transfer; and (B) for any transfer that would materially change a grant agreement, the Secretary approves it first. (2) Within 5 days of getting that notice, the Board must send the Secretary and four congressional committees a report giving (A) the transfer amount, and (B) a detailed reason for it, including (i) the effect on services funded by the account losing money, compared to not transferring, and (ii) the effect on services funded by the account gaining money, compared to not transferring. (3) Within 5 days of notifying the Board, Amtrak must also send a letter with that same information to the State-Supported Route Committee and the Northeast Corridor Commission. (h) Definition of Northeast Corridor — For this section only, "Northeast Corridor" means the main rail line between Boston and Washington, D.C., plus the facilities and services used to run and maintain it — regardless of how section 24102 defines it elsewhere.