04/29/1997 09:40 AM Senate FIN

                                                                               
       CS FOR SENATE BILL NO. 42(STA)                                          
                                                                               
       "An Act relating to the fiscal operations of the Alaska                 
       Railroad Corporation;  and providing  for an  effective                 
  date."                                                                       
                                                                               
  Senator  Phillips  moved  work  draft  CSSB  42 (O-LS0182\K,                 
  Utermohle,  4/26/97) for  working purposes.   Senator  Adams                 
  objected that the title was too tight.  Senator Pearce asked                 
  if it affected the land and Senator Phillips said no.                        
                                                                               
  Senator  Phillips  moved  CSSB  42(FIN).    Senator  Parnell                 
  objected and  asked for a legal analysis  regarding the debt                 
  service.  Senator  Donley asked if  time was of the  essence                 
  and if not more information would be needed.                                 
                                                                               
  Jim  Baldwin, Assistant  Attorney  General, Civil  Division,                 
  Department of Law  was invited  to join the  committee.   He                 
  said he would  need at  least until  the end of  the day  to                 
  provide a  legal analysis  as requested.   Senator  Phillips                 
  said he would hold his motion until tomorrow.                                
                                                                               
  Co-chair Sharp so ordered SB 42 held until tomorrow.                         
                                                                               
                                                                               
  ADJOURNMENT                                                                  
                                                                               
  Co-chair  Sharp  adjourned  the  meeting  until  8:00   a.m.                 
  tomorrow.