This bill mandates the sale of the Alaska Railroad and its associated assets by the governor, who must issue a request for proposals by June 15, 2026, and finalize an agreement with a buyer by February 15, 2027. The selected buyer must commit to operating the railroad for at least 50 years, accept existing contracts and obligations, and offer a purchase price exceeding the fair market value or the state's expenditures related to the railroad. The sale agreement requires legislative approval, and if not disapproved during the regular session, it will be considered approved. Additionally, the bill stipulates that the Alaska Railroad Corporation cannot enter into agreements that would diminish the railroad's value and that the state retains certain easements on the railroad's right-of-way.

Furthermore, the bill establishes a resource development agreement that the buyer must enter into within 180 days of the sale, outlining commitments to support the railroad's expansion and modernization to facilitate resource development in Alaska. This agreement will also require collaboration with state agencies and local communities, regular reporting on progress, and a dispute resolution mechanism. The governor is tasked with identifying and classifying all assets of the Alaska Railroad Corporation by August 1, 2026, and the entire act is set to take effect immediately.

Statutes affected:
HB0120A, AM HB 120, introduced 02/26/2025: