(b) Within 60 days after its first meeting, the board shall delegate the following activities of the corporation to the chief executive officer or other executive officers designated by the board:

1. (1) leasing subject to AS 42.40.285 and 42.40.350(b) and (d), granting easements in, issuing permits for the use of, or conveying other interests in property that do not constitute a transfer of the corporation's entire interest in land;
2. (2) establishing specific rates, tariffs, divisions, and contract rate agreements;
3. (3) making routine changes in service levels;
4. (4) establishing procurement and accounting procedures for the corporation; and
5. (5) performing procurement activities.

(c) Notwithstanding (a) and (b) of this section, specific board approval is required for the following:

1. (1) issuing bonds upon approval by the legislature;
2. (2) mortgaging or pledging corporation assets;
3. (3) donating property or other assets belonging to the corporation;
4. (4) acting as a surety or guarantor;
5. (5) adopting a long-range capital improvement and program plan;
6. (6) adopting annual reports;
7. (7) effecting general, comprehensive increases and decreases in rates;
8. (8) expanding or reducing services in a major way;
9. (9) expanding the main or branch rail lines including spur, industrial, team, switching, or side tracks, other than performing routine track alignment as necessary to maintain existing service levels;
10. (10) selecting independent auditors and accountants;
11. (11) entering into collective bargaining agreements;
12. (12) adopting annual budgets;
13. (13) beginning a capital project with an estimated completion cost of more than $500,000 or an estimated completion time of more than one year;
14. (14) exchanging, donating, selling, or otherwise conveying its entire interest in land subject to approval by the legislature;
15. (15) exercising the power of eminent domain.