00                             HOUSE BILL NO. 314                                                                          
01 "An Act extending the time period for which the Alaska Railroad Corporation may                                         
02 lease land without reserving the right to terminate the lease; and providing for an                                     
03 effective date."                                                                                                        
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. AS 42.40.285 is amended to read:                                                                      
06            Sec. 42.40.285. Legislative approval required. Unless the legislature                                      
07       approves the action by law, the corporation may not                                                               
08                 (1)  exchange, donate, sell, or otherwise convey its entire interest in                                 
09       land;                                                                                                             
10                 (2)  issue bonds;                                                                                       
11                 (3)  extend railroad lines; this paragraph does not apply to a spur,                                    
12       industrial, team, switching, or side track;                                                                       
13                 (4)  lease land for a period in excess of 95 [55] years unless the                                  
14       corporation reserves the right to terminate the lease if the land is needed for railroad                          
01       purposes;                                                                                                         
02                 (5)  apply for or accept a grant of federal land within a municipality;                                 
03       before approving an action under this paragraph, the legislature must determine that                              
04       the federal land is required for essential railroad purposes; this paragraph does not                             
05       apply to the application for or acceptance of a grant of federal land associated with                             
06                      (A)  the Anchorage-Wasilla line change project on Elmendorf                                        
07            Air Force Base and Fort Richardson;                                                                          
08                      (B)  the Fairbanks intermodal rail yard expansion project;                                         
09                      (C)  a conveyance of rail properties of the Alaska Railroad                                        
10            under the original Alaska Railroad Transfer Act of 1982 as set out in Title VI,                              
11            P.L. 97-468; in this subparagraph, "rail properties of the Alaska Railroad" has                              
12            the meaning given in 45 U.S.C. 1202(10).                                                                     
13    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).