(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 AS 42.40.285, 42.40.350(d), and this section.
(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 AS 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 AS 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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