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HB65 • 2026

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.

Taxes
Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
REPRESENTATIVES STUTES, Tomaszewski, Prax, Galvin, Saddler, Bynum, Elam, McCabe, Costello, Schrage, D.Nelson, Josephson, Rauscher SENATORS Bjorkman, Hughes, Cronk, Stevens, Kaufman, Claman, Stedman, Yundt
Last action
2025-03-10
Official status
CHAPTER 1 SLA 25
Effective date
Not listed

Plain English Breakdown

The official source material does not provide specific details on the exact timing of when bonds can be issued after enactment, nor does it detail how long construction will take.

Alaska Railroad Passenger Dock Replacement

This act allows the Alaska Railroad Corporation to issue revenue bonds up to $135 million to replace its passenger dock and terminal facility in Seward, Alaska.

What This Bill Does

  • Allows the Alaska Railroad Corporation to sell revenue bonds to raise funds for replacing its passenger dock and related terminal facility in Seward, Alaska.
  • Sets a limit of $135 million on how much can be raised through these bonds.
  • Requires that the new dock must accommodate boats used by the Alaska Marine Highway System with side loading doors.

Who It Names or Affects

  • The Alaska Railroad Corporation
  • People and businesses in Seward, Alaska

Terms To Know

Revenue bonds
Special money-raising papers that a company or government can sell to get funds for specific projects.
Terminal facility
A place where trains, boats, or planes stop to load and unload passengers and cargo.

Limits and Unknowns

  • The bill does not specify the exact timing of when bonds can be issued after this act becomes law.
  • It is unclear how long it will take to build the new dock.

Bill History

  1. 2025-03-10 316

    (H) EFFECTIVE DATE(S) OF LAW 3/7/25

  2. 2025-03-10 316

    (H) SIGNED INTO LAW 3/6 CHAPTER 1 SLA 25

  3. 2025-02-28 271

    (H) 11:58 A.M. 2/28/25 TRANSMITTED TO GOVERNOR

  4. 2025-02-26 365

    (S) VERSION: HB 65

  5. 2025-02-26 365

    (S) RETURN TO (H), TRANSMIT TO GOV NEXT

  6. 2025-02-26 366

    (S) CROSS SPONSOR(S): KAUFMAN, CLAMAN, STEDMAN, YUNDT

  7. 2025-02-26 365

    (S) EFFECTIVE DATE(S) SAME AS PASSAGE

  8. 2025-02-26 364

    (S) PASSED Y18 N- E2

  9. 2025-02-26 364

    (S) READ THE THIRD TIME HB 65

  10. 2025-02-24 Min

    (S) Minutes (SFIN)

  11. 2025-02-24 Text

    (S) Moved HB 65 Out of Committee

  12. 2025-02-24 Text

    (S) FINANCE at 09:00 AM SENATE FINANCE 532

  13. 2025-02-24 343

    (S) ADVANCED TO THIRD READING 2/26 CAL

  14. 2025-02-24 343

    (S) READ THE SECOND TIME

  15. 2025-02-24 340

    (S) RULES TO CALENDAR 2/24/2025

  16. 2025-02-24 340

    (S) FN1: ZERO(CED)

  17. 2025-02-24 340

    (S) DP: STEDMAN, HOFFMAN, KAUFMAN, CRONK, MERRICK, KIEHL

  18. 2025-02-24 340

    (S) FIN RPT 6DP

  19. 2025-02-19 Min

    (S) Minutes (SFIN)

  20. 2025-02-19 Text

    (S) Scheduled but Not Heard

  21. 2025-02-19 Text

    (S) FINANCE at 09:00 AM SENATE FINANCE 532

  22. 2025-02-19 305

    (S) CROSS SPONSOR(S): BJORKMAN, HUGHES, CRONK, STEVENS

  23. 2025-02-19 296

    (S) FIN

  24. 2025-02-19 296

    (S) READ THE FIRST TIME - REFERRALS

  25. 2025-02-17 203

    (H) VERSION: HB 65

  26. 2025-02-17 203

    (H) TRANSMITTED TO (S)

  27. 2025-02-17 202

    (H) JOSEPHSON, RAUSCHER

  28. 2025-02-17 202

    (H) COSPONSOR(S): SADDLER, BYNUM, ELAM, MCCABE, COSTELLO, SCHRAGE, NELSON,

  29. 2025-02-17 202

    (H) EFFECTIVE DATE(S) SAME AS PASSAGE

  30. 2025-02-17 201

    (H) PASSED Y36 E4

  31. 2025-02-17 201

    (H) READ THE THIRD TIME HB 65

  32. 2025-02-17 201

    (H) ADVANCED TO THIRD READING UC

  33. 2025-02-17 201

    (H) READ THE SECOND TIME

  34. 2025-02-17 201

    (H) RULES TO CALENDAR 2/17/2025

  35. 2025-02-14 189

    (H) COSPONSOR(S): GALVIN

  36. 2025-02-14 183

    (H) FN1: ZERO(CED)

  37. 2025-02-14 183

    (H) DP: TOMASZEWSKI, BYNUM, JIMMIE, GALVIN, STAPP, ALLARD, HANNAN, FOSTER, JOSEPHSON

  38. 2025-02-14 183

    (H) FIN RPT 9DP

  39. 2025-02-12 Min

    (H) Minutes (HFIN)

  40. 2025-02-12 Text

    (H) Moved HB 65 Out of Committee

  41. 2025-02-12 Text

    (H) FINANCE at 01:30 PM ADAMS 519

  42. 2025-01-24 66

    (H) FIN

  43. 2025-01-24 66

    (H) READ THE FIRST TIME - REFERRALS

Official Summary Text

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.

Current Bill Text

Read the full stored bill text 
Enrolled HB 65
LAWS OF ALASKA

2025

Source Chapter No.
HB 65 _______

AN ACT

Authorizing the Alaska Railroad Corporation to issue revenue bo nds 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.

_______________

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:

THE ACT FOLLOWS ON PAGE 1

-1- Enrolled HB 65

AN ACT

Authorizing the Alaska Railroad Corporation to issue revenue bo nds to finance the 1
replacement of the Alaska Railroad Corporation's passenger dock and related terminal facility 2
in Seward, Alaska; and providing for an effective date. 3
_______________ 4
* Section 1. The uncodified law of the State of Alaska enacted in sec. 4(a), ch. 30, SLA 5
2022, is amended to read: 6
(a) The Alaska Railroad Corpora tion is authorized to issue rev enue bonds 7
under AS 42.40.250 to finance the replacement of the Alaska Rai lroad Corporation's 8
passenger dock and related terminal facility in Seward, Alaska, and associated costs, 9
including, without limitation, reserves for debt service and ca pitalized interest, if 10
necessary or appropriate, and costs of issuance. The replacement dock and terminal 11
facility must accommodate Alaska marine highway system vessels with side 12
loading doors. The maximum principal amount of bonds that the Alaska Railroad 13
Corporation may issue under this section is $135,000,000 [$60,000,000]. The Alaska 14

Enrolled HB 65 -2-
Railroad Corporation may issue the bonds in a single issuance o r in several issuances, 1
without limitation as to number of issuances or timing, and as the Alaska Railroad 2
Corporation determines best furt hers the purpose of financing t he replacement of the 3
Alaska Railroad Corporation's passenger dock and related termin al facility in Seward, 4
Alaska, and associated costs. The bonds shall be repaid from do ck revenue or other 5
funds available to the Alaska Ra ilroad Corporation. The general credit of the Alaska 6
Railroad Corporation and the state may not be pledged for the repayment of the bonds. 7
* Sec. 2. This Act takes effect immediately under AS 01.10.070(c). 8