Final answer:
The Pacific Railroad Act of 1862 established the Union Pacific and Central Pacific Railroads, gave them land and loans, but did not supply livestock or decide the specific meeting point of the railroads.
Step-by-step explanation:
The Pacific Railroad Act of 1862 was a significant legislative act that facilitated the construction of the First Transcontinental Railroad in the United States. This act established the Union Pacific Railroad to build new track westward from Omaha, Nebraska, and the Central Pacific Railroad to build eastward from Sacramento, California. It provided these companies with ownership of all public lands within two hundred feet of the track, in addition to large land grants, which the railroads could sell to fund construction. Furthermore, the act authorized significant loans to the railroad companies, incentivizing their rapid expansion. However, the act did not give livestock to railroad companies nor did it designate the meeting point of the two railroads, although later events determined it would be Promontory Point, Utah.