(a) The corporation may sell land if the board finds (1) the land is not necessary for railroad purposes, and (2) the sale of the land is in the best interest of the state. The sale of land is subject to the terms and conditions of Alaska Stat. § 42.40.285, 42.40.350 (d), and this section.
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Terms Used In Alaska Statutes 42.40.352

  • action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
  • board: means the board of directors of the Alaska Railroad Corporation. See Alaska Statutes 42.40.980
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • corporation: means the Alaska Railroad Corporation. See Alaska Statutes 42.40.980
  • land: means any interest in real property, including tide and submerged land, and any right appurtenant to the interest. See Alaska Statutes 42.40.980
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(b) Before offering land for sale under this section, the corporation shall

(1) publish public notice of the proposed sale that includes the finding by the board that the land is not necessary for railroad purposes and that the sale is in the best interest of the state;
(2) provide notice to persons having a leasehold interest in the land proposed to be sold and offer the leaseholders the right of first refusal;
(3) receive legislative approval under Alaska Stat. § 42.40.285; and
(4) notify, by registered mail, adjacent landowners of the proposed action.
(c) The corporation shall separately account for the proceeds from the sale of land under this section and shall report the earnings and balance in the account in the annual report required by Alaska Stat. § 42.40.260. Money in the account may be appropriated in accordance with 45 U.S.C. § 1207 (a)(5) (Alaska Railroad Transfer Act of 1982).
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