The bill establishes the Port of Southcentral Alaska Authority as a public corporation responsible for managing and operating the Port of Southcentral Alaska in Anchorage. It outlines the governance structure, which includes a board of directors made up of state commissioners and appointed public members, detailing their qualifications and terms. The authority will oversee the port's various properties and is tasked with financial and operational management, including the issuance of revenue bonds and setting tariffs. The legislation also provides for the transfer of property from the Municipality of Anchorage and the Matanuska-Susitna Borough to the authority, granting it powers such as the ability to sue, enter contracts, and exercise eminent domain.

Additionally, the bill mandates the authority to obtain a fidelity bond for its board members and executive officers, purchase insurance for asset protection, and manage revenue for port-related purposes. It ensures the authority's independence while maintaining accountability through legislative oversight for significant actions. Transitional provisions require the transfer of specific properties and funds to the authority within 180 days of enactment and stipulate the continuation of existing collective bargaining agreements for employees. The act is designed to enhance the port's operations and improve social and economic conditions in the region, taking effect immediately upon passage.

Statutes affected:
HB0007A, AM HB 7, introduced 01/10/2025: 30.19.120, 30.19.110, 30.19.150, 30.19.160, 30.19.170, 30.19.180, 30.19.200, 30.19.230, 30.19.210, 30.19.220, 30.19.240, 30.19.250, 30.19.260, 30.19.300, 30.19.310, 09.55.240, 09.55.460, 30.19.320, 30.19.330, 30.19.340, 30.19.350, U.S.C, 44.68.110, 44.68.140, 30.19.360, 30.19.400, 30.19.410, 30.19.420, 30.19.430, 30.19.440, 30.19.600, 30.19.610, 30.19.620, 30.19.630, 30.19.640, 30.19.650, 30.19.660, 30.19.670, 30.19.700, 30.19.710, 30.19.720, 23.40.070, 23.40.260, 30.19.900, 44.80.010, 30.19.910, 30.19.920, 37.10.010, 37.10.060, 37.10.085, 44.62.040, 44.62.320, 30.19.930, 30.19.990, 30.19.995