(The Associated Press circulated the following story on March 23.)
JUNEAU, Alaska — The Alaska Railroad Corp. would sell revenue bonds “to get a safer railroad faster” under a bill that has advanced to the Senate floor.
Pat Gamble, railroad president and chief executive officer, told the Senate Finance Committee on Tuesday that the railroad has been working for the past 10 years to cover deferred maintenance needs that have been building since the 1950s.
He said work started in 1996 to rehabilitate a substandard track but, until recently, funding hinged on Sen. Ted Stevens, R-Alaska, obtaining a federal appropriation every year.
Gamble said the new federal transportation bill assures the railroad of an annual appropriation. About 30 percent to 50 percent of the annual Federal Transit Administration funds would be used to repay the debt, he said.
Under the legislation, the corporation may issue up to $165 million in tax-exempt revenue bonds. Gamble said the money would allow the railroad to accelerate the pace of the work.
Projects include welding the track at the joints for “a smoother, safer ride,” installing concrete ties along curves, replacing wood railroad ties on a rotating basis, adding granite ballast, upgrading bridges and improving collision avoidance.
Gamble said the result would be the “safest railroad in the country in the next seven to eight years.”
The bill is Senate Bill 308.