AK HB357

Amends AS 42.40.350(c) to add AS 42.40.352 as an exception allowing the Alaska Railroad Corporation to convey its entire interest in rail land under specific conditions.

Authorizes the Alaska Railroad Corporation to sell land if the board finds that the land is not necessary for railroad purposes and that the sale is in the best interest of the state.

Requires the corporation to publish public notice of proposed land sales that includes the board's findings, provide notice to leaseholders and offer them right of first refusal, and obtain legislative approval before offering land for sale.

Mandates the corporation separately account for proceeds from land sales and report earnings and balances in annual reports required by AS 42.40.260.

Allows money from the land sale account to be appropriated in accordance with 45 U.S.C. 1207(a)(5) (Alaska Railroad Transfer Act of 1982).