Check Out the C&TS Interstate Compact

C'mon Mak, you're not thinking big enough. If you go to the "Governing Documents" section of the C&TSRR web site you'll find in the [www.cumbrestoltec.com] on pages 13-14 that the Commission has lots of unexercised powers, including powers to buy, lease, or operate railroad systems. The C&TSRR
Interstate Compact is the same kind of legal entity as the NY-NJ Port Authority.
Of course, under the statutes of the two states Commission borrowings are limited to $250,000, which effectively means that funding for any such adventure would have to come from equal appropriations from both states. But, the inherent power is there. You don't suppose Jay is on to something? Naw.