Make Seward great again? Smooth sailing for Bill so that Alaska Railroad can sell more bonds for terminal

The Alaska House Bill 65 would enable the Alaska Railroad Corporation to give more revenue bonds in order to finance the replacement dock of the Alaska Railroad Corporation and the associated terminal system in Seward.

It sailed through the House Finance Committee and will be on the House Floor on Monday.

The main sponsor of Bill is Rep. Louise Stutes from Kodiak. Non-partisan co-sponsors-rep. HB 65 is essentially the same as that of governor Mike Dunleavy, House Bill 67, which is put aside in favor of the house’s own legislation.

The Bonding border of the Alaska Railroad Corporation is $ 60 million, since legislation was passed in 2022 and enabled the bonding authority of the railways. HB 65 would increase this to $ 135 million and enable the railroad to renovate the term of the critical infrastructure.

The existing dock, which was built in 1965-66, after Alaska’s great earthquake from 1964 destroyed the dock and the surrounding infrastructure, today stands towards the end of its useful lifespan. Over the decades, the stacking foundations were given considerably corrosion.

The proposed new dock and the new facility were developed with specifications for the anchor tenant Royal Caribbean, but the terminal building could also be available for rent for municipal purposes. The Alaska Railroad has a proposal from a building contractor for the project for $ 137 million.

One aspect of the proposed 750-foot-soubeing floating dock Südost -Aska.

Although the railway requires legislative approval for the bond, the state of Alaska would not be responsible for Arrc’s debts. The bonds would be secured by a port usage agreement and fully repaid by dock income.

The draft law was equipped from the House Finance Committee, with all members voting to support, and signals that the house will quickly be handed over to the Senate.

The railway has great ambitions, hoping to carry out the entire project in good time for the 2026 cruise season.