SB 142: "An Act authorizing the conveyance of certain land of the Alaska Railroad Corporation to the Department of Transportation and Public Facilities; and providing for an effective date."
00 SENATE BILL NO. 142 01 "An Act authorizing the conveyance of certain land of the Alaska Railroad Corporation 02 to the Department of Transportation and Public Facilities; and providing for an 03 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 APPROVAL OF THE CONVEYANCE OF CERTAIN LAND TO THE 08 DEPARTMENT OF TRANSPORTATION AND PUBLIC FACILITIES. (a) The Alaska 09 Railroad Corporation is authorized to convey the corporation's entire interest in approximately 10 five acres of rail land located in the Alaska Railroad Fairbanks Terminal Reserve within 11 Sections 3 and 10, Township 1 South, Range 1 West, Fairbanks Meridian, to the Department 12 of Transportation and Public Facilities. 13 (b) The conveyance authorized in (a) of this section is made for the purpose of 14 reconstruction, realignment, and widening of Illinois Street in Fairbanks, Alaska, by the
01 Department of Transportation and Public Facilities to improve highway operations and 02 enhance safety. 03 (c) In consideration for the conveyance authorized in (a) of this section, the Alaska 04 Railroad Corporation may accept cash, fee simple title to land of approximately equivalent 05 fair market value, or a combination of land and cash sufficient to equalize the value of assets 06 being exchanged. Land conveyed under this section to the Alaska Railroad Corporation shall 07 be held and managed by the Alaska Railroad Corporation in accordance with AS 42.40. 08 (d) This section constitutes legislative approval under AS 42.40.285(1) for the Alaska 09 Railroad Corporation to convey its entire interest in the land described in (a) of this section. 10 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).