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 U.S. Survey numbers. 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 description of the property as necessary for the transfer. The Alaska Railroad Corporation and the City of Whittier are required to enter into an agreement to conduct any necessary surveying and platting actions.

Additionally, the bill stipulates that the Alaska Railroad Corporation may accept cash equivalent to the fair market value of the land being conveyed. This legislative approval is in accordance with existing law, allowing the corporation to convey its entire interest in the specified land. The bill is set to take effect immediately upon passage.