SB 156: "An Act extending the time period for which the Alaska Railroad Corporation may lease land without reserving the right to terminate the lease."
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  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).