This bill authorizes the Alaska Railroad Corporation to transfer approximately 84.8 acres of rail land to the City of Whittier for fair market value, while ensuring that existing rights are respected. The land is divided into five specific areas, each described in detail by their respective sections and parcels according to federal land records. The bill also acknowledges that the real property includes portions of existing lots that are not currently separate parcels, and it allows for reasonable modifications to the legal descriptions of the land as necessary for the transfer.

Additionally, the bill stipulates that the Alaska Railroad Corporation may accept various forms of compensation for the land, including cash equivalent to the fair market value, land of equivalent value, or a combination of both. The transfer is contingent upon an agreement between the Alaska Railroad Corporation and the City of Whittier to conduct any necessary surveying and platting actions. The bill takes effect immediately upon passage.