00                 SPONSOR SUBSTITUTE FOR SENATE BILL NO. 209                                                              
01 "An Act relating to authorizing the Alaska Railroad Corporation to lease land within                                    
02 certain terminal reserves for a period of up to 55 years."                                                              
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                                                                                         
13                      (A)  within a terminal reserve located at Anchorage,                                           
14            Fairbanks, Seward, or Healy for a period in excess of 55 years unless the                                
01            corporation reserves the right to terminate the lease if the land is needed                              
02            for railroad purposes; or                                                                                
03                      (B)  outside of a terminal reserve listed under (A) of this                                    
04            paragraph for a period in excess of 35 years unless the corporation reserves                             
05            the right to terminate the lease if the land is needed for railroad purposes;                                
06                 (5)  apply for or accept a grant of federal land within a municipality;                                 
07       before approving an action under this paragraph, the legislature must determine that                              
08       the federal land is required for essential railroad purposes; this paragraph does not                             
09       apply to the application for or acceptance of a grant of federal land associated with                             
10                      (A)  the Anchorage-Wasilla line change project on Elmendorf                                        
11            Air Force Base and Fort Richardson;                                                                          
12                      (B)  the Fairbanks intermodal rail yard expansion project;                                         
13                      (C)  a conveyance of rail properties of the Alaska Railroad                                        
14            under the original Alaska Railroad Transfer Act of 1982 as set out in Title VI,                              
15            P.L. 97-468; in this subparagraph, "rail properties of the Alaska Railroad" has                              
16            the meaning given in 45 U.S.C. 1202(10).