HB 314: "An Act extending the time period for which the Alaska Railroad Corporation may lease land without reserving the right to terminate the lease; and providing for an effective date."
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).