AK HB332

Governor must issue a request for proposals by June 15, 2024 to sell the Alaska Railroad and all necessary assets, with sale agreement to be finalized by February 15, 2025.

Buyer must agree to operate the railroad for minimum 50 years, accept all existing contracts including collective bargaining agreements and retirement obligations, and purchase the railroad for an amount exceeding either fair market value or total state expenditures on the railroad.

Sale agreement requires legislative approval through submission during a regular session; legislature may disapprove by law, otherwise agreement is automatically approved upon session adjournment.

State retains easement for transportation and communication purposes on all railroad right-of-way lands and may collect fees; governor must contract for independent railroad appraiser to determine fair market value by the 10th day of the First Regular Session of the Thirty-Fourth Legislature.

Buyer must enter into a resource development agreement within 180 days committing to railroad expansion and infrastructure modernization for resource development, with state allocating portion of sale proceeds toward these improvements; sale is contingent on execution of this agreement.