Section 42.40.285. Legislative approval required.

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; 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).

Authorities

42.40.120;42.40.350;42.40.352;42.40.410;42.40.435;42.40.600

Notes

References

AS 42.40.120 Delegation.
AS 42.40.350 Land.
AS 42.40.352 Sale of land not necessary for railroad purposes.
AS 42.40.410 Federal land.
AS 42.40.435 Exchange of land.
AS 42.40.600 General provisions.

History

(Sec. 2 ch 153 SLA 1984; am Sec. 4 ch 59 SLA 1999; am Sec. 1 ch 30 SLA 2002; am Sec. 1 ch 35 SLA 2012)