Sec. 42.40.285. Legislative approval required.

206 words·~1 min read·/ak/title-42/chapter-40/42-40-285

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Unless the legislature approves the action by law, the corporation may not

(1)exchange, donate, sell, or otherwise convey its entire interest in land;

(2)issue bonds;

(3)extend railroad lines; this paragraph does not apply to a spur, industrial, team, switching, or side track;

(4)lease land for a period in excess of 95 years unless the corporation reserves the right to terminate the lease if the land is needed for railroad purposes;

(5)apply for or accept a grant of federal land within a municipality; before approving an action under this paragraph, the legislature must determine that the federal land is required for essential railroad purposes; except as otherwise provided in AS 42.40.410 , this paragraph does not apply to the application for or acceptance of a grant of federal land associated with

(A)the Anchorage-Wasilla line change project on Elmendorf Air Force Base and Fort Richardson;

(B)the Fairbanks intermodal rail yard expansion project;

(C)a conveyance of rail properties of the Alaska Railroad under the original Alaska Railroad Transfer Act of 1982 as set out in Title VI, P.L. 97-468; in this subparagraph, “rail properties of the Alaska Railroad” has the meaning given in 45 U.S.C. 1202(10).