This bill authorizes the Alaska Railroad Corporation to issue revenue bonds to finance 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. The new dock and terminal facility must be designed to accommodate Alaska marine highway system vessels with side loading doors. The bonds will be repaid from dock revenue or other available funds, and the general credit of the Alaska Railroad Corporation and the state will not be pledged for repayment.

Additionally, the bill allows the Alaska Railroad Corporation to issue these bonds in a single issuance or multiple issuances, as deemed appropriate for financing the project. The act is set to take effect immediately upon passage.