00                             HOUSE BILL NO. 173                                                                          
01 "An Act authorizing the conveyance of certain land of the Alaska Railroad Corporation                                   
02 to the Department of Transportation and Public Facilities; and providing for an                                         
03 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       APPROVAL OF THE CONVEYANCE OF CERTAIN LAND TO THE                                                                 
08 DEPARTMENT OF TRANSPORTATION AND PUBLIC FACILITIES. (a) The Alaska                                                      
09 Railroad Corporation is authorized to convey the corporation's entire interest in approximately                         
10 five acres of rail land located in the Alaska Railroad Fairbanks Terminal Reserve within                                
11 Sections 3 and 10, Township 1 South, Range 1 West, Fairbanks Meridian, to the Department                                
12 of Transportation and Public Facilities.                                                                                
13       (b)  The conveyance authorized in (a) of this section is made for the purpose of                                  
14 reconstruction, realignment, and widening of Illinois Street in Fairbanks, Alaska, by the                               
01 Department of Transportation and Public Facilities to improve highway operations and                                    
02 enhance safety.                                                                                                         
03       (c)  In consideration for the conveyance authorized in (a) of this section, the Alaska                            
04 Railroad Corporation may accept cash, fee simple title to land of approximately equivalent                              
05 fair market value, or a combination of land and cash sufficient to equalize the value of assets                         
06 being exchanged. Land conveyed under this section to the Alaska Railroad Corporation shall                              
07 be held and managed by the Alaska Railroad Corporation in accordance with AS 42.40.                                     
08       (d)  This section constitutes legislative approval under AS 42.40.285(1) for the Alaska                           
09 Railroad Corporation to convey its entire interest in the land described in (a) of this section.                        
10    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).