{"data":{"id":"us-ak/as-42.40.285","jurisdiction":"us-ak","citation":"AS 42.40.285","heading":"Legislative approval required.","body":"Unless the legislature approves the action by law, the corporation may not\n(1) exchange, donate, sell, or otherwise convey its entire interest in land;\n(2) issue bonds;\n(3) extend railroad lines; this paragraph does not apply to a spur, industrial, team, switching, or side track;\n(4) lease land for a period in excess of 95 years unless the corporation reserves the right to terminate the lease if the land is needed for railroad purposes;\n(5) apply for or accept a grant of federal land within a municipality; before approving an action under this paragraph, the legislature must determine that the federal land is required for essential railroad purposes; except as otherwise provided in AS 42.40.410, this paragraph does not apply to the application for or acceptance of a grant of federal land associated with\n(A) the Anchorage-Wasilla line change project on Elmendorf Air Force Base and Fort Richardson;\n(B) the Fairbanks intermodal rail yard expansion project;\n(C) a conveyance of rail properties of the Alaska Railroad under the original Alaska Railroad Transfer Act of 1982 as set out in Title VI, P.L. 97-468; in this subparagraph, “rail properties of the Alaska Railroad” has the meaning given in 45 U.S.C. 1202(10).","path":["Title 42. Public Utilities and Carriers and Energy Programs.","Chapter 40. Alaska Railroad Corporation.","Article 4. Powers and Duties."],"source_url":"https://www.akleg.gov/basis/statutes.asp#42.40.285","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:19:21Z","sha256":"651bf79af0690c4e1ccb84bdea94baf07163073c736024fd43a46500e9563e1f","source_id":"us-ak","stale":false,"prev":"us-ak/as-42.40.280","next":"us-ak/as-42.40.290"},"notice":"GroundRules: Original legal text. Not legal advice."}