00                            SENATE BILL NO. 218                                                                         
01 "An Act authorizing the Alaska Railroad Corporation to issue revenue bonds to finance                                   
02 the replacement of the Alaska Railroad Corporation's passenger dock and related                                         
03 terminal facility in Seward, Alaska; and providing for an effective date."                                              
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. The uncodified law of the State of Alaska is amended by adding a new section                          
06 to read:                                                                                                                
07 LEGISLATIVE AUTHORIZATION AND APPROVAL. (a) The Alaska Railroad                                                         
08 Corporation is authorized to issue revenue bonds under AS 42.40.250 to finance the                                      
09 replacement of the Alaska Railroad Corporation's passenger dock and related terminal facility                           
10 in Seward, Alaska, and associated costs, including, without limitation, reserves for debt                               
11 service and capitalized interest, if necessary or appropriate, and costs of issuance. The                               
12 maximum principal amount of bonds that the Alaska Railroad Corporation may issue under                                  
13 this section is $60,000,000. The Alaska Railroad Corporation may issue the bonds in a single                            
14 issuance or in several issuances, without limitation as to number of issuances or timing, and as                        

01 the Alaska Railroad Corporation determines best furthers the purpose of financing the                                   
02 replacement of the Alaska Railroad Corporation's passenger dock and related terminal facility                           
03 in Seward, Alaska, and associated costs. The bonds shall be repaid from dock revenue or                                 
04 other funds available to the Alaska Railroad Corporation. The general credit of the Alaska                              
05 Railroad Corporation and the state may not be pledged for the repayment of the bonds.                                   
06 (b)  The authorization under (a) of this section extends to bonds issued to refund the                                  
07 bonds authorized in this Act. The principal amount of the bonds authorized in this Act may be                           
08 increased in an issue of refunding bonds in an amount equal to the costs of refunding.                                  
09 (c)  This section constitutes the approval required by AS 42.40.285 for the issuance of                                 
10 the bonds described in this section.                                                                                    
11       (d)  The bonds authorized to be issued under this section are issued by a public                                  
12 corporation and an instrumentality of the state for an essential public and governmental                                
13 purpose.                                                                                                                
14       (e)  In this section, "bonds" means bonds, bond anticipation notes, notes, refunding                              
15 bonds, or other obligations.                                                                                            
16    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).