<PAGE> 1
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FORM 3
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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f)
of the Investment Company Act of 1940
<TABLE>
<S> <C> <C> <C>
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|1. Name and Address of Reporting Person(1)|2. Date of Event Requiring |4. Issuer Name and Ticker or Trading Symbol |
| | Statement | |
| BUSH LARRY W. | (Month/Day/Year) | |
|------------------------------------------| | RailAmerica, Inc. (Nasdaq: RAIL) |
| (Last) (First) (Middle) | |-----------------------------------------------------------|
| | 6/22/00 |5. Relationship of Reporting | 6. If Amendment, Date |
| 5300 BROKEN SOUND BOULEVARD, N.W. |---------------------------| Person to Issuer | of Original |
|------------------------------------------|3. IRS Identification | (Check all applicable) | (Month/Day/Year) |
| (Street) | Number of Reporting | | |
| | Person, if an Entity |[ ] Director [ ] 10% Owner | |
| | (Voluntary) | | |
| | |[X] Officer [ ] Other (specify| |
| | | (give title below) below) |-------------------------|
| | | VICE PRESIDENT AND | 7. Individual or Joint/ |
| MIAMI, FLORIDA 33487 | | CORPORATE CONTROLLER | Group Filing (Check |
|--------------------------------------------------------------------------------------------------------| applicable line) |
| (City) (State) (Zip) | |
| | [X] Form Filed by |
| | One Reporting |
| | Person |
| | [ ] Form Filed by |
| | More than One |
| | Reporting Person |
|----------------------------------------------------------------------------------------------------------------------------------|
| TABLE 1 -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED |
|----------------------------------------------------------------------------------------------------------------------------------|
|1. Title of Security | 2. Amount of Securities | 3. Ownership Form: | 4. Nature of Indirect |
| (Instr. 4) | Beneficially Owned | Direct (D) or | Beneficial |
| | (Instr. 4) | Indirect (I) | Ownership (Instr. 4) |
| | | (Instr. 5) | |
|----------------------------------------|------------------------------|---------------------------|------------------------------|
| COMMON STOCK, PAR VALUE $.001 | 200 | D | N/A |
|----------------------------------------|------------------------------|---------------------------|------------------------------|
| | | | |
|----------------------------------------|------------------------------|---------------------------|------------------------------|
| | | | |
|----------------------------------------|------------------------------|---------------------------|------------------------------|
| | | | |
|----------------------------------------|------------------------------|---------------------------|------------------------------|
| | | | |
|----------------------------------------|------------------------------|---------------------------|------------------------------|
| | | | |
|----------------------------------------|------------------------------|---------------------------|------------------------------|
| | | | |
|----------------------------------------|------------------------------|---------------------------|------------------------------|
| | | | |
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</TABLE>
(1) If the form is filed by more than one Reporting Person, see Instruction
5(b)(v). Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
(Print or Type Responses)
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<TABLE>
<CAPTION>
FORM 3 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C>
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| 1. Title of Derivative Security |2. Date |3. Title and Amount of |4. Conver- | 5. Owner- |6. Nature of Indirect|
| (Instr. 4) | Exercisable and | Securities Underlying | sion or | ship | Beneficial Owner- |
| | Expiration Date | Derivative Securities | Exercise | Form of | ship (Instr. 5) |
| | (Month/Day/Year )| (Instr. 4) | Price of | Deriva- | |
| | | | Deriva- | tive | |
| | | | tive | Security:| |
| | | | Security | Direct | |
| |--------------------|--------------------------| | (D) or | |
| | Date | Expira- | | Amount or | | Indirect | |
| | Exercis-| tion | Title | Number of | | (I) | |
| | able | Date | | Shares | | (Instr. | |
| | | | | | | 5) | |
|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
| 1995 STOCK INCENTIVE PLAN | | |COMMON STOCK, | | | | |
| (RIGHT TO BUY) |01/01/96 | 01/01/06|PAR VAL. $.001| 5,000 | $3.625 | D | N/A |
|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
| 1995 STOCK INCENTIVE PLAN | | |COMMON STOCK, | | | | |
| (RIGHT TO BUY) |07/01/97 | 07/01/07|PAR VAL. $.001| 10,000 | $5.00 | D | N/A |
|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
| 1998 EXECUTIVE INCENTIVE | | |COMMON STOCK, | | | | |
| COMPENSATION PLAN (RIGHT TO BUY)|6/30/99(1)| 06/30/08|PAR VAL. $.001| 8,000 | $6.125 | D | N/A |
|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
| 1998 EXECUTIVE INCENTIVE | | |COMMON STOCK, | | | | |
| COMPENSATION PLAN (RIGHT TO BUY)|4/08/00(2)| 04/08/09|PAR VAL. $.001| 8,000 | $8.75 | D | N/A |
|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
| 1998 EXECUTIVE INCENTIVE | | |COMMON STOCK, | | | | |
| COMPENSATION PLAN (RIGHT TO BUY)|1/01/00(3)| 01/01/10|PAR VAL. $.001| 15,000 | $9.00 | D | N/A |
|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
| | | | | | | | |
|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
| | | | | | | | |
|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
| | | | | | | | |
|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
| | | | | | | | |
|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
| | | | | | | | |
|---------------------------------|----------|---------|--------------|-----------|------------|-------------|---------------------|
| | | | | | | | |
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Explanation of Responses:
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(1) Thirty three and one-third percent (33-1/3%) of such options became exercisable
on each of June 30, 1999 and June 30, 2000 and an additional thirty three and
one-third percent will become exercisable on June 30, 2001.
(2) Thirty three and one-third percent (33-1/3%) of such options became exercisable
on April 8, 2000 and an additional thirty three and one-third percent will become
exercisable on each of April 8, 2001 and April 8, 2002.
(3) Thirty three and one-third percent (33-1/3%) of such options became exercisable
on January 1, 2000 and an additional thirty three and one-third percent will
become exercisable on each of January 1, 2001 and January 1, 2002.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
/s/ LARRY W. BUSH 06/28/00
Note. File three copies of this form, one of which must be manually signed. --------------------------------- ----------
If space provided is insufficient, see Instruction 6 for procedure. ** Signature of Reporting Person Date
LARRY W. BUSH
(Print or Type Responses) Page 2
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