Bill > HB65

This bill authorizes the Alaska Railroad Corporation (ARRC) to issue revenue bonds to finance the replacement of its passenger dock and related terminal facility in Seward, Alaska. The bill increases the maximum principal amount of bonds that can be issued from $60 million to $135 million. A key requirement is that the new dock and terminal facility must be designed to accommodate Alaska marine highway system vessels with side loading doors. The bonds will be repaid using dock revenue or other funds available to the ARRC, and importantly, neither the corporation's general credit nor the state's credit can be pledged for bond repayment. This means the bonds are solely the financial responsibility of the ARRC and do not create a direct obligation for the state. The bill takes effect immediately, allowing the ARRC to proceed quickly with financing the dock replacement project, which appears aimed at improving maritime infrastructure and vessel accessibility in Seward.

Budget and Finance

https://www.akleg.gov/basis/Bill/Detail/34?Root=HB65