00                     CS FOR HOUSE BILL NO. 122(FIN) am                                                                  
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; authorizing the Alaska Railroad Corporation to                                     
04 issue revenue bonds to finance the completion of the Port MacKenzie Rail Extension in                                   
05 Point MacKenzie, Alaska; and providing for an effective date."                                                          
06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
07    * Section 1. The uncodified law of the State of Alaska enacted in sec. 4(a), ch. 30, SLA                           
08 2022, is amended to read:                                                                                               
09            (a)  The Alaska Railroad Corporation is authorized to issue revenue bonds                                    
10 under AS 42.40.250 to finance the replacement of the Alaska Railroad Corporation's                                      
11 passenger dock and related terminal facility in Seward, Alaska, and associated costs,                                   
12 including, without limitation, reserves for debt service and capitalized interest, if                                   
13 necessary or appropriate, and costs of issuance. The replacement dock and terminal                                  

01 facility must accommodate Alaska marine highway system vessels with side                                            
02 loading doors. The maximum principal amount of bonds that the Alaska Railroad                                       
03 Corporation may issue under this section is $135,000,000 [$60,000,000]. The Alaska                                  
04 Railroad Corporation may issue the bonds in a single issuance or in several issuances,                                  
05 without limitation as to number of issuances or timing, and as the Alaska Railroad                                      
06 Corporation determines best furthers the purpose of financing the replacement of the                                    
07 Alaska Railroad Corporation's passenger dock and related terminal facility in Seward,                                   
08 Alaska, and associated costs. The bonds shall be repaid from dock revenue or other                                      
09 funds available to the Alaska Railroad Corporation. The general credit of the Alaska                                    
10       Railroad Corporation and the state may not be pledged for the repayment of the bonds.                             
11    * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to                          
12 read:                                                                                                                   
13 LEGISLATIVE AUTHORIZATION AND APPROVAL. (a) The Alaska Railroad                                                         
14 Corporation is authorized to issue revenue bonds under AS 42.40.250 to finance the                                      
15 completion of the Port MacKenzie Rail Extension in Point MacKenzie, Alaska, and                                         
16 associated costs, including, without limitation, reserves for debt service and capitalized                              
17 interest, if necessary or appropriate, and costs of issuance. The maximum principal amount of                           
18 bonds that the Alaska Railroad Corporation may issue under this section is $58,000,000. The                             
19 Alaska Railroad Corporation may issue the bonds in a single issuance or in several issuances,                           
20 without limitation as to number of issuances or timing, and as the Alaska Railroad                                      
21 Corporation determines best furthers the purpose of financing the extension of the Alaska                               
22 Railroad Corporation's rail from Point MacKenzie, Alaska, to Houston, Alaska, and                                       
23 associated costs. The bonds shall be repaid from revenue or other funds available to the                                
24 Alaska Railroad Corporation. The general credit of the Alaska Railroad Corporation and the                              
25 state may not be pledged for the repayment of the bonds.                                                                
26 (b)  The authorization under (a) of this section extends to bonds issued to refund the                                  
27 bonds authorized in this Act. The principal amount of the bonds authorized in this Act may be                           
28 increased in an issue of refunding bonds in an amount equal to the costs of refunding.                                  
29 (c)  This section constitutes the approval required by AS 42.40.285 for the issuance of                                 
30 the bonds described in this section.                                                                                    
31 (d)  The bonds authorized to be issued under this section are issued by a public                                        

01 corporation and an instrumentality of the state for an essential public and governmental                                
02 purpose.                                                                                                                
03       (e)  In this section, "bonds" means bonds, bond anticipation notes, notes, refunding                              
04 bonds, or other obligations.                                                                                            
05    * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).