00 Enrolled SB 142                                                                                                         
01 Authorizing the conveyance of certain land of the Alaska Railroad Corporation to the                                    
02 Department of Transportation and Public Facilities; and providing for an effective date.                                
03                           _______________                                                                               
04    * Section 1. The uncodified law of the State of Alaska is amended by adding a new section                          
05 to read:                                                                                                                
06       APPROVAL OF THE CONVEYANCE OF CERTAIN LAND TO THE                                                                 
07 DEPARTMENT OF TRANSPORTATION AND PUBLIC FACILITIES. (a) The Alaska                                                      
08 Railroad Corporation is authorized to convey the corporation's entire interest in approximately                         
09 five acres of rail land located in the Alaska Railroad Fairbanks Terminal Reserve within                                
10 Sections 3 and 10, Township 1 South, Range 1 West, Fairbanks Meridian, to the Department                                
11 of Transportation and Public Facilities.                                                                                
12       (b)  The conveyance authorized in (a) of this section is made for the purpose of                                  
13 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).