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 with side loading doors. The bonds can be issued in a single or multiple issuances, as determined by the Alaska Railroad Corporation, and will be repaid from dock revenue or other available funds, without pledging the general credit of the corporation or the state.

The bill also includes provisions for associated costs, such as reserves for debt service and capitalized interest, if necessary. The effective date of the Act is immediate, as stipulated under AS 01.10.070(c).