(a) Within 90 days after receiving a request under AS 42.40.360(b) the commissioner of natural resources shall by written decision
(1) designate the identified land for railroad purposes and, subject to valid existing rights, convey the state's interests in the land to the corporation;
(2) notify the corporation of reasons for refusal to designate the identified land for railroad purposes; or
(3) approve the request in part and deny it in part and convey as appropriate.
(b) A conveyance of land under this section may be for less than its appraised value as determined by the commissioner of natural resources.
(c) In the absence of a reservation to the contrary, a conveyance of land under this section vests in the corporation ownership, control of the surface, material and mineral estate, including the right to extract or use timber and other construction materials, sand, gravel, rock, and the right to tunnel, ditch, recontour, excavate, or otherwise use the land for railroad, transportation, transmission, communication, and related purposes.
(d) The corporation may reconvey to the state land received under this section that the corporation and the commissioner of natural resources jointly identify as unnecessary or unsuitable for the corporation's purposes.
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