On January 6, 1985, the state of Alaska bought the railroad from the U.S. government for $22.3 million, based on a valuation determined by the US Railway Association. The state immediately invested over $70 million on improvements and repairs that made up for years of deferred maintenance. The purchase agreement prohibits the Alaska Railroad from paying dividends or otherwise returning capital to the state of Alaska (unlike the other Alaska quasi-entities: Alaska Permanent Fund Corporation, Alaska Housing Finance Corporation (AHFC), and Alaska Industrial Development and Export Authority (AIDEA)).