This bill proposes the adoption of the Midwest Interstate Passenger Rail Compact in Nebraska, which aims to enhance intercity passenger rail service in the Midwest through cooperative efforts among member states. The compact outlines several key purposes, including the promotion of high-speed rail development, coordination among state officials on rail issues, and collaboration with public and private sectors to support passenger rail initiatives. A commission will be established to oversee these efforts, consisting of members appointed from each participating state, including the Governor, a private sector representative, and two legislators.

Additionally, the bill stipulates that Nebraska will not engage in any rail project or allocate funds for such projects under the compact unless specifically authorized by legislative enactment. It also establishes the Midwest Interstate Passenger Rail Compact Cash Fund, which will be funded through various sources, including gifts and grants, to support passenger rail initiatives. The fund's resources will be managed according to state investment laws, ensuring that the financial aspects of the compact are handled appropriately.