HB 140 Summary

• Alaska Railroad Corporation is authorized to issue revenue bonds under AS 42.40.250 with a maximum principal amount of $37,000,000 to finance a positive train control rail transportation safety project that qualifies for federal financial participation.

• Bonds may be issued in single or multiple issuances without limitation on timing or number, and may include reserves for debt service, capitalized interest, and costs of issuance.

• Bonds shall be repaid exclusively from federal money derived from annual apportionments paid by the Federal Transit Administration or other available corporation funds, with no pledge of state general credit.

• Authorization extends to refunding bonds, which may increase the principal amount by costs of refunding if undertaken to achieve debt service savings.

• Act takes effect immediately upon enactment.