The proposed bill aims to adopt the Midwest Interstate Passenger Rail Compact, which seeks to enhance intercity passenger rail service across the Midwest through cooperative efforts among member states. The compact outlines several key purposes, including the promotion of rail service improvements, coordination among state officials, and the development of long-range plans for high-speed rail. A commission will be established to oversee these initiatives, with members appointed from each participating state, including a governor's designee, a private sector representative, and two legislators. The commission will have the authority to advocate for funding, develop partnerships, and report on its activities annually.

Additionally, the bill stipulates that the State of 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 consist of various sources of funding, including gifts and grants, to support passenger rail initiatives. The fund's resources will be managed by the state investment officer in accordance with existing investment laws.