This bill authorizes the Alaska Railroad Corporation to issue revenue bonds for the purpose of financing the replacement of its passenger dock and related terminal facility in Seward, Alaska. The legislation amends existing law to increase the maximum principal amount of bonds that can be issued from $60,000,000 to $135,000,000. Additionally, it specifies that the new dock and terminal facility must be designed to accommodate Alaska marine highway system vessels equipped with side loading doors. The bonds will be repaid from dock revenue or other available funds, without pledging the general credit of the Alaska Railroad Corporation or the state for repayment.

The bill also allows the Alaska Railroad Corporation to issue these bonds in a single issuance or multiple issuances, as deemed appropriate for financing the project. The effective date of the Act is immediate, ensuring that the Alaska Railroad Corporation can proceed with the necessary financing without delay.