00                     CS FOR SENATE BILL NO. 123(TRA)                                                                    
01 "An Act relating to legislative approval for the design and construction of facilities of                               
02 the Alaska Railroad Corporation and railroad line realignment and railroad corridor                                     
03 projects of the Alaska Railroad Corporation."                                                                           
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 35 years unless the corporation                               
14       reserves the right to terminate the lease if the land is needed for railroad purposes;                            

01                 (5)  apply for or accept a grant of federal land within a municipality;                                 
02       before approving an action under this paragraph, the legislature must determine that                              
03       the federal land is required for essential railroad purposes; this paragraph does not                             
04       apply to the application for or acceptance of a grant of federal land associated with                             
05                      (A)  the Anchorage-Wasilla line change project on Elmendorf                                        
06            Air Force Base and Fort Richardson;                                                                          
07                      (B)  the Fairbanks intermodal rail yard expansion project;                                         
08                      (C)  a conveyance of rail properties of the Alaska Railroad                                        
09            under the original Alaska Railroad Transfer Act of 1982 as set out in Title VI,                              
10            P.L. 97-468; in this subparagraph, "rail properties of the Alaska Railroad" has                              
11            the meaning given in 45 U.S.C. 1202(10);                                                                 
12                 (6)  begin the design or construction of a facility, other than a                                   
13       railroad line, having an estimated total design and construction cost greater than                            
14       $5,000,000;                                                                                                   
15                 (7)  begin the design or construction of a new railroad line                                        
16       realignment and railroad corridor project through an existing community having                                
17       an estimated total design and construction cost greater than $10,000,000.