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Alaska2026Enacted

HB65

Alaska Railroad Dock Replacement Funding

Last scannedSep 21, 2026, 12:32 AM

In one sentence

This law allows the Alaska Railroad Corporation to sell special bonds worth up to $135 million to pay for a new passenger dock and terminal in Seward.

What it does

  • Authorizes the Alaska Railroad Corporation to issue revenue bonds to fund construction costs, reserves for debt service, capitalized interest, and issuance costs.
  • Sets a maximum limit of $135,000,000 on the total amount of bonds that can be sold.
  • Requires the new dock and terminal facility to accommodate Alaska marine highway system vessels with side loading doors.
  • States that bond repayment must come from dock revenue or other funds available to the Alaska Railroad Corporation.
  • Prohibits using the general credit of the Alaska Railroad Corporation or the state for repayment.

Who it affects

  • The Alaska Railroad Corporation
  • Users of the passenger dock and terminal facility in Seward, Alaska

Limits and unknowns

  • The law does not state when the construction will begin or finish.
  • It is unclear how much of the $135 million limit will actually be needed for the project.
  • The text does not specify which other funds might be used if dock revenue is insufficient.

Plain language

Terms to know

Revenue bonds
Loans sold to investors that are paid back using money earned from a specific project or service.
Alaska marine highway system vessels with side loading doors
Boats and ships used for transporting passengers and freight along Alaska's water routes that have doors on the side of the vessel.

Official record

Sources

Source checked
Official bill pageIntroduced textCurrent bill text
Read the official summary

RAILROAD CORP. FINANCING An Act authorizing the Alaska Railroad Corporation to issue revenue bonds to finance the replacement of the Alaska Railroad Corporation's passenger dock and related terminal facility in Seward, Alaska; and providing for an effective date.

Official activity

Bill history

  1. (H) EFFECTIVE DATE(S) OF LAW 3/7/25316
  2. (H) SIGNED INTO LAW 3/6 CHAPTER 1 SLA 25316
  3. (H) 11:58 A.M. 2/28/25 TRANSMITTED TO GOVERNOR271
  4. (S) VERSION: HB 65365
  5. (S) RETURN TO (H), TRANSMIT TO GOV NEXT365
  6. (S) CROSS SPONSOR(S): KAUFMAN, CLAMAN, STEDMAN, YUNDT366
  7. (S) EFFECTIVE DATE(S) SAME AS PASSAGE365
  8. (S) PASSED Y18 N- E2364
  9. (S) READ THE THIRD TIME HB 65364
  10. (S) Minutes (SFIN)Min
  11. (S) Moved HB 65 Out of CommitteeText
  12. (S) FINANCE at 09:00 AM SENATE FINANCE 532Text
  13. (S) ADVANCED TO THIRD READING 2/26 CAL343
  14. (S) READ THE SECOND TIME343
  15. (S) RULES TO CALENDAR 2/24/2025340
  16. (S) FN1: ZERO(CED)340
  17. (S) DP: STEDMAN, HOFFMAN, KAUFMAN, CRONK, MERRICK, KIEHL340
  18. (S) FIN RPT 6DP340
  19. (S) Minutes (SFIN)Min
  20. (S) Scheduled but Not HeardText