00                             SENATE BILL NO. 255                                                                         
01 "An Act relating to exchanges of state land, interests, or property for other land,                                     
02 interests, or consideration; approving an exchange of land between the state and Gold                                   
03 Cord Development Corporation; and providing for an effective date."                                                     
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  The uncodified law of the State of Alaska is amended by adding a new section                         
06 to read:                                                                                                                
07       PURPOSE OF SECTION 3 OF THIS ACT.  The purpose of sec. 3 of this Act is to                                        
08 approve the final agreement for the exchange of land between the State of Alaska, Department                            
09 of Natural Resources, and Gold Cord Development Corporation, dated January 18, 2002.  The                               
10 land to be acquired by the state under the agreement is located adjacent to the Independence                            
11 Mine State Historical Park.  The appraised fair market value of the land to be exchanged is                             
12 unequal.  AS 38.50.020 requires the submission of a land exchange agreement for legislative                             
13 review and approval if the agreement involves the exchange of land of other than equal                                  
14 appraised fair market value.  The Department of Natural Resources has determined that the                               
01 value of the land to be received by the state under the agreement exceeds the value of the state                        
02 land relinquished.                                                                                                      
03    * Sec. 2.  AS 38.50.020(a) is amended to read:                                                                     
04            (a)  The land, interest in land, and other consideration that [WHICH] the state                          
05       receives in an exchange made under this chapter shall be equal to or exceed the                                   
06       appraised fair market value of the land, interest in land, or property exchanged by the                       
07       state; however, the director may accept cash from, or pay cash to, any other party to an                          
08       exchange in order to equalize the value of the property or other consideration                                    
09       conveyed and received by the state.  If the director determines that the property to be                           
10       exchanged is not equal in appraised fair market value or if the value cannot be                                   
11       ascertained with reasonable certainty, the director may enter into an exchange on a                               
12       finding that the appraised fair market value of the property to be received, together                             
13       with the value of other public benefits, equals or exceeds the value of the property                              
14       that [WHICH] the state will relinquish.  An exchange or a final agreement to                                  
15       exchange is subject to legislative review under AS 38.50.140 if the exchange or a final                           
16       agreement to exchange involves state land having an appraised or estimated fair                                   
17       market value of more than $5,000,000 [, OR IS FOR OTHER THAN EQUAL                                                
18       APPRAISED FAIR MARKET VALUE].                                                                                     
19    * Sec. 3.  The uncodified law of the State of Alaska is amended by adding a new section to                         
20 read:                                                                                                                   
21       APPROVAL OF AGREEMENT AND LAND EXCHANGE.  The final agreement for                                                 
22 the exchange of land between the State of Alaska, Department of Natural Resources, and                                  
23 Gold Cord Development Corporation, dated January 18, 2002, is approved.  The approval of                                
24 the final agreement authorizes the exchange of state-owned land and land to be acquired by                              
25 the state for land owned by Gold Cord Development Corporation, as specified in the approved                             
26 final agreement.                                                                                                        
27    * Sec. 4.  This Act takes effect immediately under AS 01.10.070(c).