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30th Legislature(2017-2018)

Bill Text 30th Legislature


00 Enrolled HB 119                                                                                                         
01 Relating to a mandatory exemption from municipal property taxes for certain assets of the                               
02 Alaska Industrial Development and Export Authority; relating to dividends from the Alaska                               
03 Industrial Development and Export Authority; relating to the meanings of 'mark-to-market                                
04 fair value,' 'net income,' 'project or development,' and 'unrestricted net income' for purposes of                      
05 the Alaska Industrial Development and Export Authority; extending the expiration date of the                            
06 authorization to finance and issue bonds through the Alaska Industrial Development and                                  
07 Export Authority for a liquefied natural gas production system and natural gas distribution                             
08 system for an Interior energy project; relating to land of the Alaska Railroad Corporation;                             
09 relating to the sale of Alaska Railroad Corporation land; relating to the financing and bonding                         
10 authority of the Alaska Railroad Corporation; authorizing the exchange of land between the                              
11 Alaska Railroad Corporation and Eklutna, Inc.; authorizing the transfer of land from the                                
01 Alaska Railroad Corporation to the Municipality of Anchorage; authorizing the transfer of                               
02 land from the Alaska Railroad Corporation to Usibelli Coal Mine, Inc.; authorizing the                                  
03 transfer of land in the Chena Landings Subdivision from the Alaska Railroad Corporation;                                
04 authorizing the transfer of land from the Alaska Railroad Corporation to Alaska Tourism                                 
05 Development, LLC; authorizing the transfer of land from the Alaska Railroad Corporation to                              
06 NeighborWorks Alaska; authorizing the transfer of land from the Alaska Railroad                                         
07 Corporation to 1048 Whitney Road, Anchorage, LLC; authorizing the transfer of land from                                 
08 the Alaska Railroad Corporation to 660 Western Drive, Anchorage, LLC; and providing for                                 
09 an effective date.                                                                                                      
10                           _______________                                                                               
11    * Section 1. AS 29.45.030(a) is amended to read:                                                                     
12            (a)  The following property is exempt from general taxation:                                                 
13 (1)  municipal property, including property held by a public corporation                                                
14 of a municipality, state property, property of the University of Alaska, or land that is                                
15 in the trust established by the Alaska Mental Health Enabling Act of 1956, P.L. 84-                                     
16       830, 70 Stat. 709, except that                                                                                    
17 (A)  a private leasehold, contract, or other interest in the                                                            
18 property is taxable to the extent of the interest; however, an interest created                                       
19 by an operating agreement or nonexclusive use agreement between the                                                   
20 Alaska Industrial Development and Export Authority and a user of a                                                    
21 shipyard or an integrated transportation and port facility, if the shipyard                                           
22 or integrated transportation and port facility is owned by the authority                                              
23 and initially placed in service before January 1, 1999, is taxable only to the                                        
24 extent of, and for the value associated with, those specific improvements                                             
25            used for lodging purposes;                                                                                 
26 (B)  notwithstanding any other provision of law, property                                                               
27 acquired by an agency, corporation, or other entity of the state through                                                
28 foreclosure or deed in lieu of foreclosure and retained as an investment of a                                           
01 state entity is taxable; this subparagraph does not apply to federal land granted                                       
02 to the University of Alaska under AS 14.40.380 or 14.40.390, or to other land                                           
03 granted to the university by the state to replace land that had been granted                                            
04 under AS 14.40.380 or 14.40.390, or to land conveyed by the state to the                                                
05            university under AS 14.40.365;                                                                               
06 (C)  an ownership interest of a municipality in real property                                                           
07 located outside the municipality acquired after December 31, 1990, is taxable                                           
08 by another municipality; however, a borough may not tax an interest in real                                             
09            property located in the borough and owned by a city in that borough;                                         
10 (2)  household furniture and personal effects of members of a                                                           
11       household;                                                                                                        
12 (3)  property used exclusively for nonprofit religious, charitable,                                                     
13       cemetery, hospital, or educational purposes;                                                                      
14 (4)  property of a nonbusiness organization composed entirely of                                                        
15 persons with 90 days or more of active service in the armed forces of the United States                                 
16 whose conditions of service and separation were other than dishonorable, or the                                         
17       property of an auxiliary of that organization;                                                                    
18                 (5)  money on deposit;                                                                                  
19 (6)  the real property of certain residents of the state to the extent and                                              
20       subject to the conditions provided in (e) of this section;                                                        
21                 (7)  real property or an interest in real property that is                                              
22 (A)  exempt from taxation under 43 U.S.C. 1620(d), as                                                                   
23            amended or under 43 U.S.C. 1636(d), as amended; or                                                           
24 (B)  acquired from a municipality in exchange for land that is                                                          
25 exempt from taxation under (A) of this paragraph, and is not developed or                                               
26            made subject to a lease;                                                                                     
27 (8)  property of a political subdivision, agency, corporation, or other                                                 
28 entity of the United States to the extent required by federal law; except that a private                                
29 leasehold, contract, or other interest in the property is taxable to the extent of that                                 
30 interest unless the property is located on a military base or installation and the                                      
31 property interest is created under 10 U.S.C. 2871 - 2885 (Military Housing                                              
01       Privatization Initiative), if [PROVIDED THAT] the leaseholder enters into an                                    
02       agreement to make a payment in lieu of taxes to the political subdivision that has                                
03       taxing authority;                                                                                                 
04                 (9)  natural resources in place including coal, ore bodies, mineral                                     
05       deposits, and other proven and unproven deposits of valuable materials laid down by                               
06       natural processes, unharvested aquatic plants and animals, and timber;                                            
07                 (10)  property not exempt under (3) of this subsection that                                             
08                      (A)  is owned by a private, nonprofit college or university that is                                
09            accredited by a regional or national accrediting agency recognized by the                                    
10 Council for Higher Education Accreditation or the United States Department                                              
11            of Education, or both; and                                                                                   
12 (B)  was subject to a private leasehold, contract, or other private                                                     
13 interest on January 1, 2010, except that a holder of a private leasehold,                                               
14 contract, or other interest in the property shall be taxed to the extent of that                                        
15            interest.                                                                                                    
16    * Sec. 2. AS 29.45.030(a), as amended by sec. 1 of this Act, is amended to read:                                     
17            (a)  The following property is exempt from general taxation:                                                 
18 (1)  municipal property, including property held by a public corporation                                                
19 of a municipality, state property, property of the University of Alaska, or land that is                                
20 in the trust established by the Alaska Mental Health Enabling Act of 1956, P.L. 84-                                     
21       830, 70 Stat. 709, except that                                                                                    
22 (A)  a private leasehold, contract, or other interest in the                                                            
23 property is taxable to the extent of the interest; [HOWEVER, AN INTEREST                                                
24 CREATED BY AN OPERATING AGREEMENT OR NONEXCLUSIVE                                                                       
25 USE AGREEMENT BETWEEN THE ALASKA INDUSTRIAL                                                                             
26 DEVELOPMENT AND EXPORT AUTHORITY AND A USER OF A                                                                        
27 SHIPYARD OR AN INTEGRATED TRANSPORTATION AND PORT                                                                       
28 FACILITY, IF THE SHIPYARD OR INTEGRATED TRANSPORTATION                                                                  
29 AND PORT FACILITY IS OWNED BY THE AUTHORITY AND                                                                         
30 INITIALLY PLACED IN SERVICE BEFORE JANUARY 1, 1999, IS                                                                  
31 TAXABLE ONLY TO THE EXTENT OF, AND FOR THE VALUE                                                                        
01 ASSOCIATED WITH, THOSE SPECIFIC IMPROVEMENTS USED FOR                                                                   
02            LODGING PURPOSES;]                                                                                           
03 (B)  notwithstanding any other provision of law, property                                                               
04 acquired by an agency, corporation, or other entity of the state through                                                
05 foreclosure or deed in lieu of foreclosure and retained as an investment of a                                           
06 state entity is taxable; this subparagraph does not apply to federal land granted                                       
07 to the University of Alaska under AS 14.40.380 or 14.40.390, or to other land                                           
08 granted to the university by the state to replace land that had been granted                                            
09 under AS 14.40.380 or 14.40.390, or to land conveyed by the state to the                                                
10            university under AS 14.40.365;                                                                               
11 (C)  an ownership interest of a municipality in real property                                                           
12 located outside the municipality acquired after December 31, 1990, is taxable                                           
13 by another municipality; however, a borough may not tax an interest in real                                             
14            property located in the borough and owned by a city in that borough;                                         
15 (2)  household furniture and personal effects of members of a                                                           
16       household;                                                                                                        
17 (3)  property used exclusively for nonprofit religious, charitable,                                                     
18       cemetery, hospital, or educational purposes;                                                                      
19 (4)  property of a nonbusiness organization composed entirely of                                                        
20 persons with 90 days or more of active service in the armed forces of the United States                                 
21 whose conditions of service and separation were other than dishonorable, or the                                         
22       property of an auxiliary of that organization;                                                                    
23                 (5)  money on deposit;                                                                                  
24 (6)  the real property of certain residents of the state to the extent and                                              
25       subject to the conditions provided in (e) of this section;                                                        
26                 (7)  real property or an interest in real property that is                                              
27 (A)  exempt from taxation under 43 U.S.C. 1620(d), as                                                                   
28            amended or under 43 U.S.C. 1636(d), as amended; or                                                           
29 (B)  acquired from a municipality in exchange for land that is                                                          
30 exempt from taxation under (A) of this paragraph, and is not developed or                                               
31            made subject to a lease;                                                                                     
01 (8)  property of a political subdivision, agency, corporation, or other                                                 
02 entity of the United States to the extent required by federal law; except that a private                                
03 leasehold, contract, or other interest in the property is taxable to the extent of that                                 
04 interest unless the property is located on a military base or installation and the                                      
05 property interest is created under 10 U.S.C. 2871 - 2885 (Military Housing                                              
06 Privatization Initiative), if the leaseholder enters into an agreement to make a payment                                
07       in lieu of taxes to the political subdivision that has taxing authority;                                          
08 (9)  natural resources in place including coal, ore bodies, mineral                                                     
09 deposits, and other proven and unproven deposits of valuable materials laid down by                                     
10       natural processes, unharvested aquatic plants and animals, and timber;                                            
11                 (10)  property not exempt under (3) of this subsection that                                             
12 (A)  is owned by a private, nonprofit college or university that is                                                     
13 accredited by a regional or national accrediting agency recognized by the                                               
14 Council for Higher Education Accreditation or the United States Department                                              
15            of Education, or both; and                                                                                   
16 (B)  was subject to a private leasehold, contract, or other private                                                     
17 interest on January 1, 2010, except that a holder of a private leasehold,                                               
18 contract, or other interest in the property shall be taxed to the extent of that                                        
19            interest.                                                                                                    
20    * Sec. 3. AS 42.40.285 is amended to read:                                                                           
21 Sec. 42.40.285. Legislative approval required. Unless the legislature                                                   
22       approves the action by law, the corporation may not                                                               
23 (1)  exchange, donate, sell, or otherwise convey its entire interest in                                                 
24       land;                                                                                                             
25                 (2)  issue bonds;                                                                                       
26 (3)  extend railroad lines; this paragraph does not apply to a spur,                                                    
27       industrial, team, switching, or side track;                                                                       
28 (4)  lease land for a period in excess of 95 years unless the corporation                                               
29       reserves the right to terminate the lease if the land is needed for railroad purposes;                            
30 (5)  apply for or accept a grant of federal land within a municipality;                                                 
31 before approving an action under this paragraph, the legislature must determine that                                    
01       the federal land is required for essential railroad purposes; except as otherwise                               
02       provided in AS 42.40.410, this paragraph does not apply to the application for or                               
03       acceptance of a grant of federal land associated with                                                             
04                      (A)  the Anchorage-Wasilla line change project on Elmendorf                                        
05            Air Force Base and Fort Richardson;                                                                          
06                      (B)  the Fairbanks intermodal rail yard expansion project;                                         
07 (C)  a conveyance of rail properties of the Alaska Railroad                                                             
08 under the original Alaska Railroad Transfer Act of 1982 as set out in Title VI,                                         
09 P.L. 97-468; in this subparagraph, "rail properties of the Alaska Railroad" has                                         
10            the meaning given in 45 U.S.C. 1202(10).                                                                     
11    * Sec. 4. AS 42.40.350(a) is amended to read:                                                                        
12 (a)  The corporation shall receive from the United States and, in its own name,                                         
13 take title to all rail property transferred under 45 U.S.C. 1201 - 1214 (Alaska Railroad                                
14 Transfer Act of 1982), except that the corporation does not have authority over                                       
15 any right, title, or interest in property transferred under this subsection that was                                  
16 not vested in the United States at the time of transfer. All land that is transferred or                              
17       acquired by the corporation is designated as follows:                                                             
18                 (1)  railroad rights-of-way are railroad utility corridors;                                             
19                 (2)  land outside railroad utility corridors is rail land.                                              
20    * Sec. 5. AS 42.40.352(b) is amended to read:                                                                        
21            (b)  Before offering land for sale under this section, the corporation shall                                 
22 (1)  publish public notice of the proposed sale that includes the finding                                               
23 by the board that the land is not necessary for railroad purposes and that the sale is in                               
24       the best interest of the state;                                                                                   
25 (2)  provide notice to persons having a leasehold interest in the land                                                  
26       proposed to be sold and offer the leaseholders the right of first refusal; [AND]                                  
27                 (3)  receive legislative approval under AS 42.40.285; and                                             
28 (4)  notify, by registered mail, adjacent landowners of the proposed                                                  
29       action.                                                                                                         
30    * Sec. 6. AS 42.40.410 is amended to read:                                                                           
31 Sec. 42.40.410. Federal land. Except as provided in AS 42.40.285(5), the                                                
01 corporation may submit applications on its own behalf as an instrumentality of the                                      
02 state for acquisition of federal land available under federal law that will enhance the                                 
03 operations of the corporation if it is available under a federal law other than the Alaska                              
04 Statehood Act of 1958 (P.L. 85 - 508, 72 Stat. 339), as amended. The corporation may                                    
05 receive in its own name conveyances of all interests in federal land. In this section,                                
06 land or interest in land that is not conclusively owned by the United States at the                                   
07 time of transfer is not available and does not satisfy the exception from legislative                                 
08       approval under AS 42.40.285(5)(C).                                                                              
09    * Sec. 7. AS 42.40.550 is amended to read:                                                                           
10 Sec. 42.40.550. Extension of railroad to Fort Greely. The corporation may                                               
11 acquire a transportation corridor between the existing railroad corridor and Fort                                       
12 Greely, Alaska, and construct a rail line within the corridor to provide rail service to                                
13 the Fort Greely area and points between. The transportation corridor may be                                             
14 designated for a use identified under AS 42.40.350(b) and other transportation and                                      
15 utility uses. The corporation may also acquire land along the corridor for use as rail                                  
16 land that can be developed for terminal, station, and maintenance facilities, switching                                 
17 yards, and any other purposes associated with the railroad utility corridor. [THE                                       
18 CORPORATION MAY PROVIDE FINANCING FOR THE ACQUISITION,                                                                  
19 CONSTRUCTION, IMPROVEMENT, MAINTENANCE, EQUIPPING, AND                                                                  
20 OPERATION OF THE RAIL LINE AND RELATED FACILITIES BETWEEN THE                                                           
21       EXISTING RAILROAD CORRIDOR AND FORT GREELY, ALASKA.]                                                              
22    * Sec. 8. AS 42.40.695 is amended to read:                                                                           
23 Sec. 42.40.695. Public purpose of bonds. Bonds [OF THE CORPORATION                                                      
24 ISSUED TO FINANCE FACILITIES DESCRIBED IN AS 42.40.550 AND                                                              
25 42.40.560 AND BONDS] of the corporation issued to finance the acquisition,                                              
26 construction, improvement, maintenance, equipping, and operation of real and                                            
27 personal property, including facilities and equipment, described in AS 42.40.570 are                                    
28 issued by a public corporation and an instrumentality of the state for an essential                                     
29       public and governmental purpose.                                                                                  
30    * Sec. 9. AS 44.88.088(b)(2) is amended to read:                                                                     
31 (2)  "net income" means the change in net position, or the equivalent                                                   
01 term under generally accepted accounting principles, of the revolving fund, the change                                  
02 in net position of the Alaska Industrial Development and Export Authority sustainable                                   
03 energy transmission and supply development fund (AS 44.88.660), or the change in                                        
04 net position of the Arctic infrastructure development fund (AS 44.88.810) as set out in                                 
05 the audited financial statements of the authority for the base fiscal year, excluding                                   
06 amounts attributable to intergovernmental transfers, capital contributions, grants, [OR                                 
07 IMPAIRMENT] losses on a project or development to the extent                                                          
08 [DEVELOPMENT PROJECTS] financed with state or federal grants or                                                       
09 appropriations, mark-to-market fair value based accounting entries, and noncash                                       
10       accounting entries related to retirement obligations [UNDER AS 44.88.172];                                      
11    * Sec. 10. AS 44.88.088(b)(3) is amended to read:                                                                    
12 (3)  "unrestricted net income" means the unrestricted change in net                                                     
13 position, or the equivalent term under generally accepted accounting principles, of the                                 
14 revolving fund, the Alaska Industrial Development and Export Authority sustainable                                      
15 energy transmission and supply development fund (AS 44.88.660), or the Arctic                                           
16 infrastructure development fund (AS 44.88.810) as set out in the audited financial                                      
17 statements of the authority for the base fiscal year, excluding amounts attributable to                                 
18 intergovernmental transfers, capital contributions, grants, [OR IMPAIRMENT] losses                                      
19 on a project or development to the extent [DEVELOPMENT PROJECTS] financed                                             
20 with state or federal grants or appropriations, mark-to-market fair value based                                       
21 accounting entries, and noncash accounting entries related to retirement                                              
22       obligations [UNDER AS 44.88.172].                                                                               
23    * Sec. 11. AS 44.88.088(b) is amended by adding new paragraphs to read:                                              
24 (4)  "mark-to-market fair value" means fixing the value of an                                                           
25       investment as its market value as of the financial reporting date;                                                
26                 (5)  "project or development" means                                                                     
27                      (A)  an Arctic infrastructure development;                                                         
28                      (B)  a development project;                                                                        
29                      (C)  a project; or                                                                                 
30                      (D)  a qualified energy development.                                                               
31    * Sec. 12. The uncodified law of the State of Alaska enacted in sec. 11(f), ch. 26, SLA                              
01 2013, is amended to read:                                                                                               
02 (f)  The authorization to issue bonds this section grants expires on June 30,                                           
03 2023 [2018], if the authority does not issue bonds before that date. Expiration of the                                
04 authorization to issue bonds does not affect bonds that the authority issues under this                                 
05       section before July 1, 2023 [2018].                                                                             
06    * Sec. 13. AS 42.40.560 and 42.40.630(b) are repealed.                                                               
07    * Sec. 14. Sections 1 and 4, ch. 77, SLA 1994, secs. 1 and 5, ch. 71, SLA 2003, and sec. 3,                          
08 ch. 46, SLA 2004, are repealed.                                                                                         
09    * Sec. 15. The uncodified law of the State of Alaska is amended by adding a new section to                           
10 read:                                                                                                                   
11 APPROVAL OF THE TRANSFER OF REAL PROPERTY TO EKLUTNA, INC. (a)                                                          
12 The Alaska Railroad Corporation is authorized to convey the corporation's interest in the                               
13 surface estate of approximately 399.2 acres of rail land located in the Alaska Railroad Eagle                           
14 River Reserve, within Sections 25, 26, and 35, Township 16 North, Range 2 West, Seward                                  
15 Meridian, to Eklutna, Inc., in exchange for the conveyance to the corporation by Eklutna, Inc.,                         
16 of land adjacent to land owned by the corporation in Birchwood.                                                         
17 (b)  If the appraised fair market value of the land to be exchanged is unequal, the                                     
18 Alaska Railroad Corporation may accept or pay cash sufficient to equalize the value of assets                           
19 being exchanged.                                                                                                        
20 (c)  The land conveyed by Eklutna, Inc., to the Alaska Railroad Corporation shall be                                    
21 held and managed by the corporation in accordance with AS 42.40.                                                        
22 (d)  This section constitutes legislative approval under AS 42.40.285(1) for the Alaska                                 
23 Railroad Corporation to convey its entire interest in the land described in (a) of this section.                        
24    * Sec. 16. The uncodified law of the State of Alaska is amended by adding a new section to                           
25 read:                                                                                                                   
26 APPROVAL OF THE TRANSFER OF REAL PROPERTY TO THE                                                                        
27 MUNICIPALITY OF ANCHORAGE. (a) The Alaska Railroad Corporation is authorized to                                         
28 convey the corporation's interest in the surface estate of approximately 20.2 acres of rail land                        
29 located in the Alaska Railroad Anchorage Reserve, within Section 7, Township 13 North,                                  
30 Range 3 West, Seward Meridian, and Section 12, Township 13 North, Range 4 West, Seward                                  
31 Meridian, to the Municipality of Anchorage.                                                                             
01       (b)  In consideration for the conveyance authorized in (a) of this section, the Alaska                            
02 Railroad Corporation may accept cash equivalent to the fair market value of the land being                              
03 conveyed.                                                                                                               
04       (c)  This section constitutes legislative approval under AS 42.40.285(1) for the Alaska                           
05 Railroad Corporation to convey its entire interest in the land described in (a) of this section.                        
06    * Sec. 17. The uncodified law of the State of Alaska is amended by adding a new section to                           
07 read:                                                                                                                   
08       APPROVAL OF THE TRANSFER OF REAL PROPERTY TO USIBELLI COAL                                                        
09 MINE, INC. (a) The Alaska Railroad Corporation is authorized to convey the corporation's                                
10 interest in the surface estate of approximately 464.57 acres of rail land located in the Alaska                         
11 Railroad Healy Reserve, within Section 18, Township 12 South, Range 7 West, Fairbanks                                   
12 Meridian, described as Blocks 1, 2, 3, 4, 5, and 6, and Tracts B, D, F, G, and H, Tri-Valley                            
13 Subdivision, recorded as Plat 78-9 in the Nenana Recording District, to Usibelli Coal Mine,                             
14 Inc.                                                                                                                    
15 (b)  In consideration for the conveyance authorized in (a) of this section, the Alaska                                  
16 Railroad Corporation may accept cash equivalent to the fair market value, excluding                                     
17 improvements, of the land being conveyed.                                                                               
18 (c)  This section constitutes legislative approval under AS 42.40.285(1) for the Alaska                                 
19 Railroad Corporation to convey its entire interest in the land described in (a) of this section.                        
20    * Sec. 18. The uncodified law of the State of Alaska is amended by adding a new section to                           
21 read:                                                                                                                   
22 APPROVAL OF THE TRANSFER OF REAL PROPERTY IN THE CHENA                                                                  
23 LANDINGS SUBDIVISION. (a) The Alaska Railroad Corporation is authorized to convey                                       
24 the corporation's interest in the surface estate of approximately 77.318 acres of rail land                             
25 located in the Alaska Railroad Fairbanks Terminal Reserve, within Section 9, Township 1                                 
26 South, Range 1 West, Fairbanks Meridian, described as Tracts 1 - 10, Chena Landings                                     
27 Subdivision, recorded as Plat 2000-31 in the Fairbanks Recording District.                                              
28 (b)  In consideration for the conveyances authorized in (a) of this section, the Alaska                                 
29 Railroad Corporation may accept cash equivalent to the fair market value of the land being                              
30 conveyed.                                                                                                               
31 (c)  This section constitutes legislative approval under AS 42.40.285(1) for the Alaska                                 
01 Railroad Corporation to convey its entire interest in the land described in (a) of this section.                        
02    * Sec. 19. The uncodified law of the State of Alaska is amended by adding a new section to                           
03 read:                                                                                                                   
04 APPROVAL OF THE TRANSFER OF REAL PROPERTY TO ALASKA TOURISM                                                             
05 DEVELOPMENT, LLC. (a) The Alaska Railroad Corporation is authorized to convey the                                       
06 corporation's interest in the surface estate of approximately 29.52 acres of rail land located in                       
07 the Alaska Railroad Healy Reserve near Otto Lake, recorded as Plat No. 96-10 in the Nenana                              
08 Recording District, to Alaska Tourism Development, LLC.                                                                 
09       (b)  In consideration for the conveyance authorized in (a) of this section, the Alaska                            
10 Railroad Corporation may accept cash equivalent to the fair market value of the land being                              
11 conveyed.                                                                                                               
12 (c)  This section constitutes legislative approval under AS 42.40.285(1) for the Alaska                                 
13 Railroad Corporation to convey its entire interest in the land described in (a) of this section.                        
14    * Sec. 20. The uncodified law of the State of Alaska is amended by adding a new section to                           
15 read:                                                                                                                   
16 APPROVAL OF THE TRANSFER OF REAL PROPERTY TO NEIGHBORWORKS                                                              
17 ALASKA. (a) The Alaska Railroad Corporation is authorized to convey the corporation's                                   
18 interest in the surface estate of approximately 11.3 acres of rail land located in the Alaska                           
19 Railroad Anchorage Terminal Reserve, within Section 8, Township 13 North, Range 3 West,                                 
20 Seward Meridian, to NeighborWorks Alaska.                                                                               
21 (b)  In consideration for the conveyance authorized in (a) of this section, the Alaska                                  
22 Railroad Corporation may accept cash equivalent to the fair market value of the land being                              
23 conveyed.                                                                                                               
24 (c)  This section constitutes legislative approval under AS 42.40.285(1) for the Alaska                                 
25 Railroad Corporation to convey its entire interest in the land described in (a) of this section.                        
26    * Sec. 21. The uncodified law of the State of Alaska is amended by adding a new section to                           
27 read:                                                                                                                   
28 APPROVAL OF THE TRANSFER OF REAL PROPERTY TO 1048 WHITNEY                                                               
29 ROAD, ANCHORAGE, LLC. (a) The Alaska Railroad Corporation is authorized to convey                                       
30 the corporation's interest in the surface estate of approximately 4.95 acres of rail land located                       
31 in the Alaska Railroad Anchorage Terminal Reserve, within Sections 8 and 17, Township 13                                
01 North, Range 3 West, Seward Meridian, to 1048 Whitney Road, Anchorage, LLC.                                             
02       (b)  In consideration for the conveyance authorized in (a) of this section, the Alaska                            
03 Railroad Corporation may accept cash equivalent to the fair market value of the land being                              
04 conveyed.                                                                                                               
05       (c)  This section constitutes legislative approval under AS 42.40.285(1) for the Alaska                           
06 Railroad Corporation to convey its entire interest in the land described in (a) of this section.                        
07    * Sec. 22. The uncodified law of the State of Alaska is amended by adding a new section to                           
08 read:                                                                                                                   
09       APPROVAL OF THE TRANSFER OF REAL PROPERTY TO 660 WESTERN                                                          
10 DRIVE, ANCHORAGE, LLC. (a) The Alaska Railroad Corporation is authorized to convey                                      
11 the corporation's interest in the surface estate of approximately 48.91 acres of rail land located                      
12 in the Alaska Railroad Anchorage Terminal Reserve, within Section 7, Township 13 North,                                 
13 Range 3 West, Seward Meridian, to 660 Western Drive, Anchorage, LLC.                                                    
14 (b)  In consideration for the conveyance authorized in (a) of this section, the Alaska                                  
15 Railroad Corporation may accept cash equivalent to the fair market value of the land being                              
16 conveyed.                                                                                                               
17 (c)  This section constitutes legislative approval under AS 42.40.285(1) for the Alaska                                 
18 Railroad Corporation to convey its entire interest in the land described in (a) of this section.                        
19    * Sec. 23. The uncodified law of the State of Alaska is amended by adding a new section to                           
20 read:                                                                                                                   
21 REPORTING REQUIREMENT. Annually, beginning in 2019 and ending in 2021, not                                              
22 later than March 1 of each regular legislative session, the Alaska Railroad Corporation shall                           
23 present to the Resources Committees of the legislature and the Finance Committees of the                                
24 legislature a report on its activities under secs. 3 - 8 and 13 - 22 of this Act. The Alaska                            
25 Railroad Corporation may satisfy the reporting requirement under this section by appearing in                           
26 person before the Resources Committees of the legislature and the Finance Committees of the                             
27 legislature.                                                                                                            
28    * Sec. 24. The uncodified law of the State of Alaska is amended by adding a new section to                           
29 read:                                                                                                                   
30       RETROACTIVITY. Section 1 of this Act is retroactive to November 30, 2017.                                         
31    * Sec. 25. Sections 1 and 3 - 24 of this Act take effect immediately under AS 01.10.070(c).                          
01    * Sec. 26. Section 2 of this Act takes effect November 30, 2027.                                                     
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