The 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. Additionally, it specifies that the new dock and terminal facility must accommodate Alaska marine highway system vessels 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.

This act is set to take effect immediately upon enactment, allowing the Alaska Railroad Corporation to proceed with financing the necessary infrastructure improvements without delay. The flexibility in issuing the bonds, whether in a single issuance or multiple issuances, is intended to best serve the financing needs for the project.