The bill proposes the creation of Section 351.41 of the Florida Statutes, which authorizes the Governor to execute a rapid rail transit compact with the states of Alabama, Louisiana, and Mississippi, thereby joining the Southern Rail Commission (SRC). The compact aims to study the feasibility of rapid rail transit service between these states and establish a joint interstate commission to facilitate this effort. The bill outlines the structure and responsibilities of the commission, including the appointment of members, the conduct of studies, and the ability to acquire funding for its operations.

Additionally, the compact stipulates that each party state may contribute funds for the commission's establishment and operation, although there is no obligation to appropriate a specific amount. The compact will remain in effect until a state decides to withdraw, with a six-month notice period required for such action. The bill is set to take effect on July 1, 2025.