HB 122 Summary

• Authorizes Alaska Railroad Corporation to issue revenue bonds under AS 42.40.250 to finance replacement of the passenger dock and related terminal facility in Seward, Alaska, including associated costs such as debt service reserves, capitalized interest, and issuance costs.

• Increases the maximum principal amount of bonds from $60,000,000 to $135,000,000 that the Alaska Railroad Corporation may issue for this project.

• Requires the replacement dock and terminal facility to accommodate Alaska marine highway system vessels with side loading doors.

• Allows the Alaska Railroad Corporation to issue bonds in single or multiple issuances at its discretion, with repayment from dock revenue or other available funds; the general credit of the Alaska Railroad Corporation and the state may not be pledged for repayment.

• Takes effect immediately upon enactment.