SCS CSHB 119(FIN) am S: "An Act relating to a mandatory exemption from municipal property taxes for certain assets of the Alaska Industrial Development and Export Authority; relating to dividends from the Alaska Industrial Development and Export Authority; relating to the meanings of 'mark-to-market fair value,' 'net income,' 'project or development,' and 'unrestricted net income' for purposes of the Alaska Industrial Development and Export Authority; extending the expiration date of the authorization to finance and issue bonds through the Alaska Industrial Development and Export Authority for a liquefied natural gas production system and natural gas distribution system for an Interior energy project; relating to land of the Alaska Railroad Corporation; relating to the sale of Alaska Railroad Corporation land; relating to the financing and bonding authority of the Alaska Railroad Corporation; authorizing the exchange of land between the Alaska Railroad Corporation and Eklutna, Inc.; authorizing the transfer of land from the Alaska Railroad Corporation to the Municipality of Anchorage; authorizing the transfer of land from the Alaska Railroad Corporation to Usibelli Coal Mine, Inc.; authorizing the transfer of land in the Chena Landings Subdivision from the Alaska Railroad Corporation; authorizing the transfer of land from the Alaska Railroad Corporation to Alaska Tourism Development, LLC; authorizing the transfer of land from the Alaska Railroad Corporation to NeighborWorks Alaska; authorizing the transfer of land from the Alaska Railroad Corporation to 1048 Whitney Road, Anchorage, LLC; authorizing the transfer of land from the Alaska Railroad Corporation to 660 Western Drive, Anchorage, LLC; and providing for an effective date."
00 SENATE CS FOR CS FOR HOUSE BILL NO. 119(FIN) am S 01 "An Act relating to a mandatory exemption from municipal property taxes for certain 02 assets of the Alaska Industrial Development and Export Authority; relating to dividends 03 from the Alaska Industrial Development and Export Authority; relating to the meanings 04 of 'mark-to-market fair value,' 'net income,' 'project or development,' and 'unrestricted 05 net income' for purposes of the Alaska Industrial Development and Export Authority; 06 extending the expiration date of the authorization to finance and issue bonds through 07 the Alaska Industrial Development and Export Authority for a liquefied natural gas 08 production system and natural gas distribution system for an Interior energy project; 09 relating to land of the Alaska Railroad Corporation; relating to the sale of Alaska 10 Railroad Corporation land; relating to the financing and bonding authority of the 11 Alaska Railroad Corporation; authorizing the exchange of land between the Alaska 12 Railroad Corporation and Eklutna, Inc.; authorizing the transfer of land from the
01 Alaska Railroad Corporation to the Municipality of Anchorage; authorizing the transfer 02 of land from the Alaska Railroad Corporation to Usibelli Coal Mine, Inc.; authorizing 03 the transfer of land in the Chena Landings Subdivision from the Alaska Railroad 04 Corporation; authorizing the transfer of land from the Alaska Railroad Corporation to 05 Alaska Tourism Development, LLC; authorizing the transfer of land from the Alaska 06 Railroad Corporation to NeighborWorks Alaska; authorizing the transfer of land from 07 the Alaska Railroad Corporation to 1048 Whitney Road, Anchorage, LLC; authorizing 08 the transfer of land from the Alaska Railroad Corporation to 660 Western Drive, 09 Anchorage, LLC; and providing for an effective date." 10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 11 * Section 1. AS 29.45.030(a) is amended to read: 12 (a) The following property is exempt from general taxation: 13 (1) municipal property, including property held by a public corporation 14 of a municipality, state property, property of the University of Alaska, or land that is 15 in the trust established by the Alaska Mental Health Enabling Act of 1956, P.L. 84- 16 830, 70 Stat. 709, except that 17 (A) a private leasehold, contract, or other interest in the 18 property is taxable to the extent of the interest; however, an interest created 19 by an operating agreement or nonexclusive use agreement between the 20 Alaska Industrial Development and Export Authority and a user of a 21 shipyard or an integrated transportation and port facility, if the shipyard 22 or integrated transportation and port facility is owned by the authority 23 and initially placed in service before January 1, 1999, is taxable only to the 24 extent of, and for the value associated with, those specific improvements 25 used for lodging purposes; 26 (B) notwithstanding any other provision of law, property 27 acquired by an agency, corporation, or other entity of the state through 28 foreclosure or deed in lieu of foreclosure and retained as an investment of a
01 state entity is taxable; this subparagraph does not apply to federal land granted 02 to the University of Alaska under AS 14.40.380 or 14.40.390, or to other land 03 granted to the university by the state to replace land that had been granted 04 under AS 14.40.380 or 14.40.390, or to land conveyed by the state to the 05 university under AS 14.40.365; 06 (C) an ownership interest of a municipality in real property 07 located outside the municipality acquired after December 31, 1990, is taxable 08 by another municipality; however, a borough may not tax an interest in real 09 property located in the borough and owned by a city in that borough; 10 (2) household furniture and personal effects of members of a 11 household; 12 (3) property used exclusively for nonprofit religious, charitable, 13 cemetery, hospital, or educational purposes; 14 (4) property of a nonbusiness organization composed entirely of 15 persons with 90 days or more of active service in the armed forces of the United States 16 whose conditions of service and separation were other than dishonorable, or the 17 property of an auxiliary of that organization; 18 (5) money on deposit; 19 (6) the real property of certain residents of the state to the extent and 20 subject to the conditions provided in (e) of this section; 21 (7) real property or an interest in real property that is 22 (A) exempt from taxation under 43 U.S.C. 1620(d), as 23 amended or under 43 U.S.C. 1636(d), as amended; or 24 (B) acquired from a municipality in exchange for land that is 25 exempt from taxation under (A) of this paragraph, and is not developed or 26 made subject to a lease; 27 (8) property of a political subdivision, agency, corporation, or other 28 entity of the United States to the extent required by federal law; except that a private 29 leasehold, contract, or other interest in the property is taxable to the extent of that 30 interest unless the property is located on a military base or installation and the 31 property interest is created under 10 U.S.C. 2871 - 2885 (Military Housing
01 Privatization Initiative), if [PROVIDED THAT] the leaseholder enters into an 02 agreement to make a payment in lieu of taxes to the political subdivision that has 03 taxing authority; 04 (9) natural resources in place including coal, ore bodies, mineral 05 deposits, and other proven and unproven deposits of valuable materials laid down by 06 natural processes, unharvested aquatic plants and animals, and timber; 07 (10) property not exempt under (3) of this subsection that 08 (A) is owned by a private, nonprofit college or university that is 09 accredited by a regional or national accrediting agency recognized by the 10 Council for Higher Education Accreditation or the United States Department 11 of Education, or both; and 12 (B) was subject to a private leasehold, contract, or other private 13 interest on January 1, 2010, except that a holder of a private leasehold, 14 contract, or other interest in the property shall be taxed to the extent of that 15 interest. 16 * Sec. 2. AS 29.45.030(a), as amended by sec. 1 of this Act, is amended to read: 17 (a) The following property is exempt from general taxation: 18 (1) municipal property, including property held by a public corporation 19 of a municipality, state property, property of the University of Alaska, or land that is 20 in the trust established by the Alaska Mental Health Enabling Act of 1956, P.L. 84- 21 830, 70 Stat. 709, except that 22 (A) a private leasehold, contract, or other interest in the 23 property is taxable to the extent of the interest; [HOWEVER, AN INTEREST 24 CREATED BY AN OPERATING AGREEMENT OR NONEXCLUSIVE 25 USE AGREEMENT BETWEEN THE ALASKA INDUSTRIAL 26 DEVELOPMENT AND EXPORT AUTHORITY AND A USER OF A 27 SHIPYARD OR AN INTEGRATED TRANSPORTATION AND PORT 28 FACILITY, IF THE SHIPYARD OR INTEGRATED TRANSPORTATION 29 AND PORT FACILITY IS OWNED BY THE AUTHORITY AND 30 INITIALLY PLACED IN SERVICE BEFORE JANUARY 1, 1999, IS 31 TAXABLE ONLY TO THE EXTENT OF, AND FOR THE VALUE
01 ASSOCIATED WITH, THOSE SPECIFIC IMPROVEMENTS USED FOR 02 LODGING PURPOSES;] 03 (B) notwithstanding any other provision of law, property 04 acquired by an agency, corporation, or other entity of the state through 05 foreclosure or deed in lieu of foreclosure and retained as an investment of a 06 state entity is taxable; this subparagraph does not apply to federal land granted 07 to the University of Alaska under AS 14.40.380 or 14.40.390, or to other land 08 granted to the university by the state to replace land that had been granted 09 under AS 14.40.380 or 14.40.390, or to land conveyed by the state to the 10 university under AS 14.40.365; 11 (C) an ownership interest of a municipality in real property 12 located outside the municipality acquired after December 31, 1990, is taxable 13 by another municipality; however, a borough may not tax an interest in real 14 property located in the borough and owned by a city in that borough; 15 (2) household furniture and personal effects of members of a 16 household; 17 (3) property used exclusively for nonprofit religious, charitable, 18 cemetery, hospital, or educational purposes; 19 (4) property of a nonbusiness organization composed entirely of 20 persons with 90 days or more of active service in the armed forces of the United States 21 whose conditions of service and separation were other than dishonorable, or the 22 property of an auxiliary of that organization; 23 (5) money on deposit; 24 (6) the real property of certain residents of the state to the extent and 25 subject to the conditions provided in (e) of this section; 26 (7) real property or an interest in real property that is 27 (A) exempt from taxation under 43 U.S.C. 1620(d), as 28 amended or under 43 U.S.C. 1636(d), as amended; or 29 (B) acquired from a municipality in exchange for land that is 30 exempt from taxation under (A) of this paragraph, and is not developed or 31 made subject to a lease;
01 (8) property of a political subdivision, agency, corporation, or other 02 entity of the United States to the extent required by federal law; except that a private 03 leasehold, contract, or other interest in the property is taxable to the extent of that 04 interest unless the property is located on a military base or installation and the 05 property interest is created under 10 U.S.C. 2871 - 2885 (Military Housing 06 Privatization Initiative), if the leaseholder enters into an agreement to make a payment 07 in lieu of taxes to the political subdivision that has taxing authority; 08 (9) natural resources in place including coal, ore bodies, mineral 09 deposits, and other proven and unproven deposits of valuable materials laid down by 10 natural processes, unharvested aquatic plants and animals, and timber; 11 (10) property not exempt under (3) of this subsection that 12 (A) is owned by a private, nonprofit college or university that is 13 accredited by a regional or national accrediting agency recognized by the 14 Council for Higher Education Accreditation or the United States Department 15 of Education, or both; and 16 (B) was subject to a private leasehold, contract, or other private 17 interest on January 1, 2010, except that a holder of a private leasehold, 18 contract, or other interest in the property shall be taxed to the extent of that 19 interest. 20 * Sec. 3. AS 42.40.285 is amended to read: 21 Sec. 42.40.285. Legislative approval required. Unless the legislature 22 approves the action by law, the corporation may not 23 (1) exchange, donate, sell, or otherwise convey its entire interest in 24 land; 25 (2) issue bonds; 26 (3) extend railroad lines; this paragraph does not apply to a spur, 27 industrial, team, switching, or side track; 28 (4) lease land for a period in excess of 95 years unless the corporation 29 reserves the right to terminate the lease if the land is needed for railroad purposes; 30 (5) apply for or accept a grant of federal land within a municipality; 31 before approving an action under this paragraph, the legislature must determine that
01 the federal land is required for essential railroad purposes; except as otherwise 02 provided in AS 42.40.410, this paragraph does not apply to the application for or 03 acceptance of a grant of federal land associated with 04 (A) the Anchorage-Wasilla line change project on Elmendorf 05 Air Force Base and Fort Richardson; 06 (B) the Fairbanks intermodal rail yard expansion project; 07 (C) a conveyance of rail properties of the Alaska Railroad 08 under the original Alaska Railroad Transfer Act of 1982 as set out in Title VI, 09 P.L. 97-468; in this subparagraph, "rail properties of the Alaska Railroad" has 10 the meaning given in 45 U.S.C. 1202(10). 11 * Sec. 4. AS 42.40.350(a) is amended to read: 12 (a) The corporation shall receive from the United States and, in its own name, 13 take title to all rail property transferred under 45 U.S.C. 1201 - 1214 (Alaska Railroad 14 Transfer Act of 1982), except that the corporation does not have authority over 15 any right, title, or interest in property transferred under this subsection that was 16 not vested in the United States at the time of transfer. All land that is transferred or 17 acquired by the corporation is designated as follows: 18 (1) railroad rights-of-way are railroad utility corridors; 19 (2) land outside railroad utility corridors is rail land. 20 * Sec. 5. AS 42.40.352(b) is amended to read: 21 (b) Before offering land for sale under this section, the corporation shall 22 (1) publish public notice of the proposed sale that includes the finding 23 by the board that the land is not necessary for railroad purposes and that the sale is in 24 the best interest of the state; 25 (2) provide notice to persons having a leasehold interest in the land 26 proposed to be sold and offer the leaseholders the right of first refusal; [AND] 27 (3) receive legislative approval under AS 42.40.285; and 28 (4) notify by registered mail adjacent landowners of the proposed 29 action. 30 * Sec. 6. AS 42.40.410 is amended to read: 31 Sec. 42.40.410. Federal land. Except as provided in AS 42.40.285(5), the
01 corporation may submit applications on its own behalf as an instrumentality of the 02 state for acquisition of federal land available under federal law that will enhance the 03 operations of the corporation if it is available under a federal law other than the Alaska 04 Statehood Act of 1958 (P.L. 85 - 508, 72 Stat. 339), as amended. The corporation may 05 receive in its own name conveyances of all interests in federal land. In this section, 06 land or interest in land that is not conclusively owned by the United States at the 07 time of transfer is not available and does not satisfy the exception from legislative 08 approval under AS 42.40.285(5)(C). 09 * Sec. 7. AS 42.40.550 is amended to read: 10 Sec. 42.40.550. Extension of railroad to Fort Greely. The corporation may 11 acquire a transportation corridor between the existing railroad corridor and Fort 12 Greely, Alaska, and construct a rail line within the corridor to provide rail service to 13 the Fort Greely area and points between. The transportation corridor may be 14 designated for a use identified under AS 42.40.350(b) and other transportation and 15 utility uses. The corporation may also acquire land along the corridor for use as rail 16 land that can be developed for terminal, station, and maintenance facilities, switching 17 yards, and any other purposes associated with the railroad utility corridor. [THE 18 CORPORATION MAY PROVIDE FINANCING FOR THE ACQUISITION, 19 CONSTRUCTION, IMPROVEMENT, MAINTENANCE, EQUIPPING, AND 20 OPERATION OF THE RAIL LINE AND RELATED FACILITIES BETWEEN THE 21 EXISTING RAILROAD CORRIDOR AND FORT GREELY, ALASKA.] 22 * Sec. 8. AS 42.40.695 is amended to read: 23 Sec. 42.40.695. Public purpose of bonds. Bonds [OF THE CORPORATION 24 ISSUED TO FINANCE FACILITIES DESCRIBED IN AS 42.40.550 AND 25 42.40.560 AND BONDS] of the corporation issued to finance the acquisition, 26 construction, improvement, maintenance, equipping, and operation of real and 27 personal property, including facilities and equipment, described in AS 42.40.570 are 28 issued by a public corporation and an instrumentality of the state for an essential 29 public and governmental purpose. 30 * Sec. 9. AS 44.88.088(b)(2) is amended to read: 31 (2) "net income" means the change in net position, or the equivalent
01 term under generally accepted accounting principles, of the revolving fund, the change 02 in net position of the Alaska Industrial Development and Export Authority sustainable 03 energy transmission and supply development fund (AS 44.88.660), or the change in 04 net position of the Arctic infrastructure development fund (AS 44.88.810) as set out in 05 the audited financial statements of the authority for the base fiscal year, excluding 06 amounts attributable to intergovernmental transfers, capital contributions, grants, [OR 07 IMPAIRMENT] losses on a project or development to the extent 08 [DEVELOPMENT PROJECTS] financed with state or federal grants or 09 appropriations, mark-to-market fair value based accounting entries, and noncash 10 accounting entries related to retirement obligations [UNDER AS 44.88.172]; 11 * Sec. 10. AS 44.88.088(b)(3) is amended to read: 12 (3) "unrestricted net income" means the unrestricted change in net 13 position, or the equivalent term under generally accepted accounting principles, of the 14 revolving fund, the Alaska Industrial Development and Export Authority sustainable 15 energy transmission and supply development fund (AS 44.88.660), or the Arctic 16 infrastructure development fund (AS 44.88.810) as set out in the audited financial 17 statements of the authority for the base fiscal year, excluding amounts attributable to 18 intergovernmental transfers, capital contributions, grants, [OR IMPAIRMENT] losses 19 on a project or development to the extent [DEVELOPMENT PROJECTS] financed 20 with state or federal grants or appropriations, mark-to-market fair value based 21 accounting entries, and noncash accounting entries related to retirement 22 obligations [UNDER AS 44.88.172]. 23 * Sec. 11. AS 44.88.088(b) is amended by adding new paragraphs to read: 24 (4) "mark-to-market fair value" means fixing the value of an 25 investment as its market value as of the financial reporting date; 26 (5) "project or development" means 27 (A) an Arctic infrastructure development; 28 (B) a development project; 29 (C) a project; or 30 (D) a qualified energy development. 31 * Sec. 12. The uncodified law of the State of Alaska enacted in sec. 11(f), ch. 26, SLA
01 2013, is amended to read: 02 (f) The authorization to issue bonds this section grants expires on June 30, 03 2023 [JUNE 30, 2018], if the authority does not issue bonds before that date. 04 Expiration of the authorization to issue bonds does not affect bonds that the authority 05 issues under this section before July 1, 2023 [JULY 1, 2018]. 06 * Sec. 13. AS 42.40.560 and 42.40.630(b) are repealed. 07 * Sec. 14. Sections 1 and 4, ch. 77, SLA 1994, secs. 1 and 5, ch. 71, SLA 2003, and sec. 3, 08 ch. 46, SLA 2004, are repealed. 09 * Sec. 15. The uncodified law of the State of Alaska is amended by adding a new section to 10 read: 11 APPROVAL OF THE TRANSFER OF REAL PROPERTY TO EKLUTNA, INC. (a) 12 The Alaska Railroad Corporation is authorized to convey the corporation's interest in the 13 surface estate of approximately 399.2 acres of rail land located in the Alaska Railroad Eagle 14 River Reserve, within Sections 25, 26, and 35, Township 16 North, Range 2 West, Seward 15 Meridian, to Eklutna, Inc., in exchange for the conveyance to the corporation by Eklutna, Inc., 16 of land adjacent to land owned by the corporation in Birchwood. 17 (b) If the appraised fair market value of the land to be exchanged is unequal, the 18 Alaska Railroad Corporation may accept or pay cash sufficient to equalize the value of assets 19 being exchanged. 20 (c) The land conveyed by Eklutna, Inc., to the Alaska Railroad Corporation shall be 21 held and managed by the corporation in accordance with AS 42.40. 22 (d) This section constitutes legislative approval under AS 42.40.285(1) for the Alaska 23 Railroad Corporation to convey its entire interest in the land described in (a) of this section. 24 * Sec. 16. The uncodified law of the State of Alaska is amended by adding a new section to 25 read: 26 APPROVAL OF THE TRANSFER OF REAL PROPERTY TO THE 27 MUNICIPALITY OF ANCHORAGE. (a) The Alaska Railroad Corporation is authorized to 28 convey the corporation's interest in the surface estate of approximately 20.2 acres of rail land 29 located in the Alaska Railroad Anchorage Reserve, within Section 7, Township 13 North, 30 Range 3 West, Seward Meridian, and Section 12, Township 13 North, Range 4 West, Seward 31 Meridian, to the Municipality of Anchorage.
01 (b) In consideration for the conveyance authorized in (a) of this section, the Alaska 02 Railroad Corporation may accept cash equivalent to the fair market value of the land being 03 conveyed. 04 (c) This section constitutes legislative approval under AS 42.40.285(1) for the Alaska 05 Railroad Corporation to convey its entire interest in the land described in (a) of this section. 06 * Sec. 17. The uncodified law of the State of Alaska is amended by adding a new section to 07 read: 08 APPROVAL OF THE TRANSFER OF REAL PROPERTY TO THE USIBELLI 09 COAL MINE, INC. (a) The Alaska Railroad Corporation is authorized to convey the 10 corporation's interest in the surface estate of approximately 464.57 acres of rail land located in 11 the Alaska Railroad Healy Reserve, within Section 18, Township 12 South, Range 7 West, 12 Fairbanks Meridian, described as Blocks 1, 2, 3, 4, 5, and 6, and Tracts B, D, F, G, and H, 13 Tri-Valley Subdivision, recorded as Plat 78-9 in the Nenana Recording District, to Usibelli 14 Coal Mine, Inc. 15 (b) In consideration for the conveyance authorized in (a) of this section, the Alaska 16 Railroad Corporation may accept cash equivalent to the fair market value, excluding 17 improvements, of the land being conveyed. 18 (c) This section constitutes legislative approval under AS 42.40.285(1) for the Alaska 19 Railroad Corporation to convey its entire interest in the land described in (a) of this section. 20 * Sec. 18. The uncodified law of the State of Alaska is amended by adding a new section to 21 read: 22 APPROVAL OF THE TRANSFER OF REAL PROPERTY IN THE CHENA 23 LANDINGS SUBDIVISION. (a) The Alaska Railroad Corporation is authorized to convey 24 the corporation's interest in the surface estate of approximately 77.318 acres of rail land 25 located in the Alaska Railroad Fairbanks Terminal Reserve, within Section 9, Township 1 26 South, Range 1 West, Fairbanks Meridian, described as Tracts 1 - 10, Chena Landings 27 Subdivision, recorded as Plat 2000-31 in the Fairbanks Recording District. 28 (b) In consideration for the conveyances authorized in (a) of this section, the Alaska 29 Railroad Corporation may accept cash equivalent to the fair market value of the land being 30 conveyed. 31 (c) This section constitutes legislative approval under AS 42.40.285(1) for the Alaska
01 Railroad Corporation to convey its entire interest in the land described in (a) of this section. 02 * Sec. 19. The uncodified law of the State of Alaska is amended by adding a new section to 03 read: 04 APPROVAL OF THE TRANSFER OF REAL PROPERTY TO ALASKA TOURISM 05 DEVELOPMENT, LLC. (a) The Alaska Railroad Corporation is authorized to convey the 06 corporation's interest in the surface estate of approximately 29.52 acres of rail land located in 07 the Alaska Railroad Healy Reserve near Otto Lake, recorded as Plat No. 96-10 in the Nenana 08 Recording District, to Alaska Tourism Development, LLC. 09 (b) In consideration for the conveyance authorized in (a) of this section, the Alaska 10 Railroad Corporation may accept cash equivalent to the fair market value of the land being 11 conveyed. 12 (c) This section constitutes legislative approval under AS 42.40.285(1) for the Alaska 13 Railroad Corporation to convey its entire interest in the land described in (a) of this section. 14 * Sec. 20. The uncodified law of the State of Alaska is amended by adding a new section to 15 read: 16 APPROVAL OF THE TRANSFER OF REAL PROPERTY TO NEIGHBORWORKS 17 ALASKA. (a) The Alaska Railroad Corporation is authorized to convey the corporation's 18 interest in the surface estate of approximately 11.3 acres of rail land located in the Alaska 19 Railroad Anchorage Terminal Reserve, within Section 8, Township 13 North, Range 3 West, 20 Seward Meridian, to NeighborWorks Alaska. 21 (b) In consideration for the conveyance authorized in (a) of this section, the Alaska 22 Railroad Corporation may accept cash equivalent to the fair market value of the land being 23 conveyed. 24 (c) This section constitutes legislative approval under AS 42.40.285(1) for the Alaska 25 Railroad Corporation to convey its entire interest in the land described in (a) of this section. 26 * Sec. 21. The uncodified law of the State of Alaska is amended by adding a new section to 27 read: 28 APPROVAL OF THE TRANSFER OF REAL PROPERTY TO 1048 WHITNEY 29 ROAD, ANCHORAGE, LLC. (a) The Alaska Railroad Corporation is authorized to convey 30 the corporation's interest in the surface estate of approximately 4.95 acres of rail land located 31 in the Alaska Railroad Anchorage Terminal Reserve, within Sections 8 and 17, Township 13
01 North, Range 3 West, Seward Meridian, to 1048 Whitney Road, Anchorage, LLC. 02 (b) In consideration for the conveyance authorized in (a) of this section, the Alaska 03 Railroad Corporation may accept cash equivalent to the fair market value of the land being 04 conveyed. 05 (c) This section constitutes legislative approval under AS 42.40.285(1) for the Alaska 06 Railroad Corporation to convey its entire interest in the land described in (a) of this section. 07 * Sec. 22. The uncodified law of the State of Alaska is amended by adding a new section to 08 read: 09 APPROVAL OF THE TRANSFER OF REAL PROPERTY TO 660 WESTERN 10 DRIVE, ANCHORAGE, LLC. (a) The Alaska Railroad Corporation is authorized to convey 11 the corporation's interest in the surface estate of approximately 48.91 acres of rail land located 12 in the Alaska Railroad Anchorage Terminal Reserve, within Section 7, Township 13 North, 13 Range 3 West, Seward Meridian, to 660 Western Drive, Anchorage, LLC. 14 (b) In consideration for the conveyance authorized in (a) of this section, the Alaska 15 Railroad Corporation may accept cash equivalent to the fair market value of the land being 16 conveyed. 17 (c) This section constitutes legislative approval under AS 42.40.285(1) for the Alaska 18 Railroad Corporation to convey its entire interest in the land described in (a) of this section. 19 * Sec. 23. The uncodified law of the State of Alaska is amended by adding a new section to 20 read: 21 REPORTING REQUIREMENT. Annually, beginning in 2019 and ending in 2021, not 22 later than March 1 of each regular legislative session, the Alaska Railroad Corporation shall 23 present to the Resources Committees of the legislature and the Finance Committees of the 24 legislature a report on its activities under secs. 3 - 22 of this Act. The Alaska Railroad 25 Corporation may satisfy the reporting requirement under this section by appearing in person 26 before the Resources Committees of the legislature and the Finance Committees of the 27 legislature. 28 * Sec. 24. The uncodified law of the State of Alaska is amended by adding a new section to 29 read: 30 RETROACTIVITY. Section 1 of this Act is retroactive to November 30, 2017. 31 * Sec. 25. Sections 1 and 3 - 24 of this Act take effect immediately under AS 01.10.070(c).
01 * Sec. 26. Section 2 of this Act takes effect November 30, 2027.