00                             SENATE BILL NO. 156                                                                         
01 "An Act extending the time period for which the Alaska Railroad Corporation may                                         
02 lease land without reserving the right to terminate the lease."                                                         
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 42.40.285 is amended to read:                                                                      
05            Sec. 42.40.285. Legislative approval required. Unless the legislature                                      
06       approves the action by law, the corporation may not                                                               
07                 (1)  exchange, donate, sell, or otherwise convey its entire interest in                                 
08       land;                                                                                                             
09                 (2)  issue bonds;                                                                                       
10                 (3)  extend railroad lines; this paragraph does not apply to a spur,                                    
11       industrial, team, switching, or side track;                                                                       
12                 (4)  lease land for a period in excess of 95 [55] years unless the                                  
13       corporation reserves the right to terminate the lease if the land is needed for railroad                          
14       purposes;                                                                                                         
01                 (5)  apply for or accept a grant of federal land within a municipality;                                 
02       before approving an action under this paragraph, the legislature must determine that                              
03       the federal land is required for essential railroad purposes; this paragraph does not                             
04       apply to the application for or acceptance of a grant of federal land associated with                             
05                      (A)  the Anchorage-Wasilla line change project on Elmendorf                                        
06            Air Force Base and Fort Richardson;                                                                          
07                      (B)  the Fairbanks intermodal rail yard expansion project;                                         
08                      (C)  a conveyance of rail properties of the Alaska Railroad                                        
09            under the original Alaska Railroad Transfer Act of 1982 as set out in Title VI,                              
10            P.L. 97-468; in this subparagraph, "rail properties of the Alaska Railroad" has                              
11            the meaning given in 45 U.S.C. 1202(10).