SCS CSHB 298(FIN): "An Act relating to authorizing the Alaska Railroad Corporation to lease land for a period of up to 55 years; and providing for an effective date."
00 SENATE CS FOR CS FOR HOUSE BILL NO. 298(FIN) 01 "An Act relating to authorizing the Alaska Railroad Corporation to lease land for a 02 period of up to 55 years; and providing for an effective date." 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 55 [35] 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). 12 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).