This bill proposes the sale of the Alaska Railroad and its associated assets, mandating that the governor issue a request for proposals by June 15, 2026, and enter into a sale agreement by February 15, 2027. The selected buyer must commit to operating the railroad for at least 50 years, accept existing contracts, 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 is automatically 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 an easement for transportation and communication purposes.

Furthermore, the bill establishes a resource development agreement that the buyer must enter into within 180 days of the sale, focusing on the railroad's role in facilitating resource development in Alaska. This agreement will include commitments for infrastructure investment, collaboration with state agencies, and regular reporting to the legislature. The governor is also 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: