Bill > HB120

This bill outlines a comprehensive plan for the sale of the Alaska Railroad, requiring the governor to issue a request for proposals by June 15, 2026, and enter into a sale agreement by February 15, 2027. The potential buyer must commit to continuing railroad operations for at least 50 years, accepting existing contracts and obligations, and paying a price that exceeds the railroad's fair market value or the state's total investment. The sale is subject to legislative approval and comes with several key provisions: the state will retain a transportation easement on the railroad's right-of-way, the governor must obtain an independent appraisal and report on the sale's progress, and upon completion, the Alaska Railroad Corporation will be dissolved. Critically, the bill also mandates a resource development agreement with the buyer, requiring collaboration to expand railroad infrastructure, support resource extraction, and facilitate economic development consistent with Alaska's constitutional principles. The buyer must work with state agencies and stakeholders to identify strategic railroad expansion opportunities, provide regular progress reports, and establish a dispute resolution mechanism. Additionally, the governor must identify and classify all Alaska Railroad Corporation assets by August 1, 2026, with the Legislative Budget and Audit Committee able to recommend amendments to the asset classification.

Transportation and Infrastructure

https://www.akleg.gov/basis/Bill/Detail/34?Root=HB120