The bill establishes the Port of Southcentral Alaska Authority as a public corporation responsible for the management and operation of the Port of Southcentral Alaska in Anchorage. It outlines the authority's governance structure, which includes a board of directors made up of state commissioners and appointed public members with specific qualifications. The board is responsible for overseeing the authority's financial and legal obligations, ensuring self-sustaining management, and maintaining safe transportation services. The authority is granted the power to issue revenue bonds, manage property, and enter into necessary contracts, while also being mandated to obtain a fidelity bond for board members and executive officers and purchase insurance to protect its assets.

Additionally, the bill requires the Municipality of Anchorage and the Matanuska-Susitna Borough to transfer property and funds to the authority within 180 days of enactment. It includes provisions for the authority to exercise eminent domain, adopt land use rules, and manage its financial affairs, including annual audits and legislative reporting. The authority's employees will retain their collective bargaining rights, and existing rules will remain in effect until amended. The bill also ensures that the state will not limit the authority's rights to fulfill its contractual obligations to bondholders and exempts the authority from certain state laws and taxation, promoting public benefit and economic improvement. The bill takes 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