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 valid existing rights are maintained. The land is divided into five specific areas, each described in detail by their respective sections and parcels according to official survey plats. 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, contingent upon approval from the Alaska Railroad Corporation's board of directors.

Additionally, the bill stipulates that the Alaska Railroad Corporation may accept cash equivalent to the fair market value of the land being conveyed as consideration for the transfer. It also provides legislative approval for the conveyance under existing law, ensuring that the necessary surveying and platting actions are conducted through an agreement between the Alaska Railroad Corporation and the City of Whittier. The bill is set to take effect immediately upon passage.