00                            SENATE BILL NO. 51                                                                          
01 "An Act relating to legislative approval of the acquisition of land by the Alaska Railroad                              
02 Corporation."                                                                                                           
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 35 years unless the corporation                               
13       reserves the right to terminate the lease if the land is needed for railroad purposes;                            
14                 (5)  notwithstanding AS 42.40.250(7), (9), and (13) and                                             

01       AS 42.40.360 - 42.40.435, acquire land or an interest in land by purchase, lease,                             
02       transfer, gift, grant, devise, exchange, eminent domain, adverse possession, or                               
03       other means [APPLY FOR OR ACCEPT A GRANT OF FEDERAL LAND                                                      
04       WITHIN A MUNICIPALITY; BEFORE APPROVING AN ACTION UNDER THIS                                                      
05       PARAGRAPH, THE LEGISLATURE MUST DETERMINE THAT THE FEDERAL                                                        
06       LAND IS REQUIRED FOR ESSENTIAL RAILROAD PURPOSES]; this paragraph                                                 
07       does not apply to the acquisition [APPLICATION FOR OR ACCEPTANCE OF A                                         
08       GRANT] of federal land or an interest in federal land associated with                                         
09                      (A)  the Anchorage-Wasilla line change project on Elmendorf                                        
10            Air Force Base and Fort Richardson;                                                                          
11                      (B)  the Fairbanks intermodal rail yard expansion project;                                         
12                      (C)  a conveyance of rail properties of the Alaska Railroad                                        
13            under the original Alaska Railroad Transfer Act of 1982 as set out in Title VI,                              
14            P.L. 97-468; in this subparagraph, "rail properties of the Alaska Railroad" has                              
15            the meaning given in 45 U.S.C. 1202(10).