HB0122d -1- CSHB 122(FIN) am
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CS FOR HOUSE BILL NO. 122(FIN) am
IN THE LEGISLATURE OF THE STATE OF ALASKA
THIRTY-THIRD LEGISLATURE - SECOND SESSION
BY THE HOUSE FINANCE COMMITTEE
Amended: 5/8/24
Offered: 5/6/24
Sponsor(s): REPRESENTATIVES TOMASZEWSKI, McCabe, D.Johnson, C.Johnson, Cronk, Wright, Allard,
Carpenter, Stapp, Stutes, Rauscher
A BILL
FOR AN ACT ENTITLED
"An Act authorizing the Alaska Railroad Corporation to issue revenue bonds to finance 1
the replacement of the Alaska Railroad Corporation's passenger dock and related 2
terminal facility in Seward, Alaska; authorizing the Alaska Railroad Corporation to 3
issue revenue bonds to finance the completion of the Port MacKenzie Rail Extension in 4
Point MacKenzie, Alaska; and providing for an effective date." 5
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 6
* Section 1. The uncodified law of the State of Alaska enacted in sec. 4(a), ch. 30, SLA 7
2022, is amended to read: 8
(a) The Alaska Railroad Corporation is authorized to issue revenue bonds 9
under AS 42.40.250 to finance the replacement of the Alaska Railroad Corporation's 10
passenger dock and related terminal facility in Seward, Alaska, and associated costs, 11
including, without limitation, reserves for debt service and capitalized interest, if 12
necessary or appropriate, and costs of issuance. The replacement dock and terminal
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facility must accommodate Alaska marine highway system vessels with side 1
loading doors. The maximum principal amount of bonds that the Alaska Railroad 2
Corporation may issue under this section is $135,000,000 [$60,000,000]. The Alaska 3
Railroad Corporation may issue the bonds in a single issuance or in several issuances, 4
without limitation as to number of issuances or timing, and as the Alaska Railroad 5
Corporation determines best furthers the purpose of financing the replacement of the 6
Alaska Railroad Corporation's passenger dock and related terminal facility in Seward, 7
Alaska, and associated costs. The bonds shall be repaid from dock revenue or other 8
funds available to the Alaska Railroad Corporation. The general credit of the Alaska 9
Railroad Corporation and the state may not be pledged for the repayment of the bonds. 10
* Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 11
read: 12
LEGISLATIVE AUTHORIZATION AND APPROVAL. (a) The Alaska Railroad 13
Corporation is authorized to issue revenue bonds under AS 42.40.250 to finance the 14
completion of the Port MacKenzie Rail Extension in Point MacKenzie, Alaska, and 15
associated costs, including, without limitation, reserves for debt service and capitalized 16
interest, if necessary or appropriate, and costs of issuance. The maximum principal amount of 17
bonds that the Alaska Railroad Corporation may issue under this section is $58,000,000. The 18
Alaska Railroad Corporation may issue the bonds in a single issuance or in several issuances, 19
without limitation as to number of issuances or timing, and as the Alaska Railroad 20
Corporation determines best furthers the purpose of financing the extension of the Alaska 21
Railroad Corporation's rail from Point MacKenzie, Alaska, to Houston, Alaska, and 22
associated costs. The bonds shall be repaid from revenue or other funds available to the 23
Alaska Railroad Corporation. The general credit of the Alaska Railroad Corporation and the 24
state may not be pledged for the repayment of the bonds. 25
(b) The authorization under (a) of this section extends to bonds issued to refund the 26
bonds authorized in this Act. The principal amount of the bonds authorized in this Act may be 27
increased in an issue of refunding bonds in an amount equal to the costs of refunding. 28
(c) This section constitutes the approval required by AS 42.40.285 for the issuance of 29
the bonds described in this section. 30
(d) The bonds authorized to be issued under this section are issued by a public 31 33-LS0623\U.A
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corporation and an instrumentality of the state for an essential public and governmental 1
purpose. 2
(e) In this section, "bonds" means bonds, bond anticipation notes, notes, refunding 3
bonds, or other obligations. 4
* Sec. 3. This Act takes effect immediately under AS 01.10.070(c). 5