CSHB 560(TRA): "An Act authorizing the Alaska Railroad Corporation to extend its rail line to Fort Greely, Alaska, and relating to that extension; authorizing the corporation to issue bonds to finance the cost of the extension and necessary facilities and equipment; relating to the Railroad Planning, Platting, and Land Use Regulation Task Force; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 560(TRA) 01 "An Act authorizing the Alaska Railroad Corporation to extend its rail line to Fort 02 Greely, Alaska, and relating to that extension; authorizing the corporation to issue 03 bonds to finance the cost of the extension and necessary facilities and equipment; 04 relating to the Railroad Planning, Platting, and Land Use Regulation Task Force; and 05 providing for an effective date." 06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 07 * Section 1. AS 42.40 is amended by adding a new section to read: 08 Article 6A. Specific Projects. 09 Sec. 42.40.550. Extension of railroad to Fort Greely. The corporation may 10 acquire a transportation corridor between the existing railroad corridor and Fort 11 Greely, Alaska, and construct a rail line within the corridor to provide rail service to 12 the Fort Greely area and points between. The transportation corridor may be 13 designated for a use identified under AS 42.40.350(b) and other transportation and
01 utility uses. The corporation may also acquire land along the corridor for use as rail 02 land that can be developed for terminal, station, and maintenance facilities, switching 03 yards, and any other purposes associated with the railroad utility corridor. The 04 corporation may provide financing for the acquisition, construction, improvement, 05 maintenance, equipping, and operation of the rail line and related facilities between 06 the existing railroad corridor and Fort Greely, Alaska. 07 * Sec. 2. AS 42.40.695 is amended to read: 08 Sec. 42.40.695. Public purpose of bonds. Bonds of the corporation issued to 09 finance facilities described in AS 42.40.250(31) and bonds of the corporation issued 10 to finance facilities described in AS 42.40.550 are issued by a public corporation and 11 an instrumentality of the state for an essential public and governmental purpose. 12 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 13 read: 14 LEGISLATIVE AUTHORIZATION AND APPROVAL. (a) The Alaska Railroad 15 Corporation is authorized to issue bonds under the power granted to it in AS 42.40.550, added 16 by sec. 1 of this Act, to finance the acquisition, construction, improvement, maintenance, 17 equipping, and operation of a rail line and related facilities from its existing railroad corridor 18 to Fort Greely, Alaska. The maximum principal amount of bonds that the Alaska Railroad 19 Corporation may issue under this section is $500,000,000. The Alaska Railroad Corporation 20 may issue the bonds in a single issuance or in several issuances, without limitation as to 21 number of issuances or timing, and as the Alaska Railroad Corporation determines best 22 furthers the purpose of financing the rail line extension to Fort Greely and the related 23 facilities. 24 (b) Before issuing bonds to provide the financing described in this section, the Alaska 25 Railroad Corporation shall enter into a binding agreement with the United States government 26 that will provide sufficient revenue to 27 (1) pay the principal of and interest on the bonds as they become due; 28 (2) create and maintain the reserves for the bond payments that the 29 corporation considers necessary or desirable; and 30 (3) pay all costs necessary to service or additionally secure the bonds, 31 including trustee's fees and bond insurance premiums, unless those costs are to be paid by a
01 party other than the corporation. 02 (c) This section constitutes the approval required by AS 42.40.285 for the issuance of 03 the bonds and rail line extension described in this section. 04 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 05 read: 06 RAILROAD PLANNING, PLATTING, AND LAND USE REGULATION TASK 07 FORCE. (a) There is established in the legislative branch of state government the Railroad 08 Planning, Platting, and Land Use Regulation Task Force. The task force consists of the 09 following members: 10 (1) one senator appointed by the president of the senate; 11 (2) one representative appointed by the speaker of the house of 12 representatives; 13 (3) one person representing the Alaska Railroad Corporation jointly appointed 14 by the president of the senate and the speaker of the house of representatives; 15 (4) one municipal official from each of the following municipalities appointed 16 jointly by the president of the senate and the speaker of the house of representatives: 17 (A) Fairbanks North Star Borough; 18 (B) City of Fairbanks; 19 (C) City of Nenana; 20 (D) City of Houston; 21 (E) City of North Pole; 22 (F) City of Wasilla; 23 (G) City of Palmer; 24 (H) Municipality of Anchorage; 25 (I) Denali Borough; 26 (J) Kenai Peninsula Borough; 27 (K) Matanuska-Susitna Borough; 28 (L) City of Whittier; 29 (M) City of Seward. 30 (b) The members of the task force appointed under (a)(1) and (2) of this section shall 31 serve as co-chairs of the task force. The task force shall meet as frequently as its members
01 determine necessary and may meet during sessions or during the interim. The task force may 02 meet and vote by teleconference. 03 (c) The members of the task force appointed under (a)(3) and (4) of this section are 04 not eligible for compensation or entitled to per diem and travel expenses authorized for boards 05 and commissions under AS 39.20.180. 06 (d) The task force shall consider and make recommendation to the legislature on 07 whether and to what extent municipal planning, platting, and land use regulations should 08 apply to interests in land owed by the Alaska Railroad Corporation. The task force shall 09 submit a written report of its findings and recommendations on or before the first day of the 10 First Regular Session of the Twenty-Fourth Alaska State Legislature. 11 * Sec. 5. Section 4 of this Act is repealed on the second day of the First Regular Session of 12 the Twenty-Fourth Alaska State Legislature. 13 * Sec. 6. This Act takes effect immediately under AS 01.10.070(c).