JUNEAU -- The Alaska Railroad Corp. would be allowed to issue up to $37 million in bonds to help implement federally required safety technology under legislation passed by the House.
HB 140, from House Finance co-chair Steve Thompson, says the bonds are to be repaid from Federal Transit Administration funds annually received by the corporation or other funds available to it.
Railroad spokesman Tim Sullivan says the railroad would still need $18 million to finish the project by 2018. But he said the railroad isn't requesting that amount from the state and is looking for other possible sources of funds.
Thompson, in a release, said the state has appropriated money to the railroad for the technology in recent years. But he said the state's fiscal situation no longer allows for that.