00                            SENATE BILL NO. 165                                                                         
01 "An Act authorizing the transfer of two parcels of land from the Alaska Railroad                                        
02 Corporation to the Municipality of Anchorage; and providing for an effective date."                                     
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. The uncodified law of the State of Alaska is amended by adding a new section                          
05 to read:                                                                                                                
06       APPROVAL OF THE TRANSFER OF REAL PROPERTY TO THE                                                                  
07 MUNICIPALITY OF ANCHORAGE. (a) The Alaska Railroad Corporation is authorized to                                         
08 convey the corporation's entire interest in approximately 1.93 acres of rail land located in the                        
09 Alaska Railroad Anchorage Terminal Reserve, within Section 8, Township 13 North, Range 3                                
10 West, Seward Meridian, to the Municipality of Anchorage.                                                                
11       (b)  The Alaska Railroad Corporation is authorized to convey the corporation's entire                             
12 interest in approximately 0.18 acres of rail land located in the Alaska Railroad Anchorage                              
13 Terminal Reserve, within Section 8, Township 13 North, Range 3 West, Seward Meridian, to                                
14 the Municipality of Anchorage.                                                                                          

01        (c) This section constitutes legislative approval under AS 42.40.285(1) for the                                  
02 corporation to convey the corporation's entire interest in the land described in (a) and (b) of                         
03 this section.                                                                                                           
04    * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to                          
05 read:                                                                                                                   
06       PURPOSE OF TRANSFER. (a) The property described in sec. 1(a) of this Act is                                       
07 surrounded by municipally owned or controlled property that is currently being redeveloped                              
08 into a residential subdivision, and the transfer of the property will allow the area to be                              
09 subdivided and more efficiently incorporated into the overall residential redevelopment plan.                           
10       (b)  The conveyance described in sec. 1(b) of this Act is made for the purpose of                                 
11 enabling the Municipality of Anchorage to develop safe and reasonable physical and legal                                
12 access to the Government Hill Elementary School.                                                                        
13    * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to                          
14 read:                                                                                                                   
15       CONSIDERATION. In consideration for the transfers authorized in sec. 1 of this Act,                               
16 the Alaska Railroad Corporation may accept fee simple title to land of approximate equivalent                           
17 fair market value or a combination of land and cash sufficient to equalize the value of assets                          
18 being transferred. The corporation shall hold and manage any land conveyed to it by the                                 
19 Municipality of Anchorage in accordance with AS 42.40.                                                                  
20    * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).