HB 466 AM: "An Act authorizing the issuance of bonds by the Alaska Housing Finance Corporation to pay for the costs of repair and rehabilitation of student housing facilities of the University of Alaska; authorizing the issuance of bonds by the University of Alaska to pay for the costs of repair and rehabilitation of facilities of the University of Alaska; amending powers of the Alaska Housing Finance Corporation; amending the definition of "public building"; relating to the Alaska debt retirement fund; and providing for an effective date."
00HOUSE BILL NO. 466 am 01 "An Act authorizing the issuance of bonds by the Alaska Housing Finance 02 Corporation to pay for the costs of repair and rehabilitation of student housing 03 facilities of the University of Alaska; authorizing the issuance of bonds by the 04 University of Alaska to pay for the costs of repair and rehabilitation of facilities 05 of the University of Alaska; amending powers of the Alaska Housing Finance 06 Corporation; amending the definition of "public building"; relating to the Alaska 07 debt retirement fund; and providing for an effective date." 08 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 09 * Section 1. AS 18.55.100(a)(15) is amended to read: 10 (15) arrange or contract for the financing, design, construction, and 11 acquisition of public buildings for lease to the state or the University of Alaska in 12 accordance with AS 18.55.010 - 18.55.290; 13 * Sec. 2. AS 18.55.288(3) is amended to read: 14 (3) "public building" means a publicly owned structure that is subject
01 to a financing agreement with the state or the University of Alaska or that is 02 leased to the state or the University of Alaska, and that is used for governmental, 03 public, or educational purposes [USE]. 04 * Sec. 3. AS 37.15.011(b) is amended to read: 05 (b) The Alaska debt retirement fund shall be invested by the Department of 06 Revenue so as to yield competitive market rates, as provided in AS 37.10.071. Money 07 in the fund may be appropriated 08 (1) for the purposes set out in AS 37.15.012; 09 (2) to reimburse municipalities for obligations authorized under 10 AS 14.11.100; 11 (3) to finance the acquisition of state facilities through lease-purchase 12 agreements; [AND] 13 (4) to finance the acquisition and capital costs of repair and 14 rehabilitation of University of Alaska facilities through lease-purchase agreements 15 or other financing agreements; and 16 (5) if an unobligated balance remains, to finance the design and 17 construction of capital projects. 18 * Sec. 4. (a) The Alaska Housing Finance Corporation may issue bonds under 19 AS 18.55.140 in an aggregate principal amount not to exceed $30,000,000 to provide money 20 for loans to the University of Alaska to pay costs of repair and rehabilitation of student 21 housing facilities owned by the University of Alaska and to pay related costs, including costs 22 of issuing the bonds. The Alaska Housing Finance Corporation may lend the proceeds of the 23 bonds to the University of Alaska. The University of Alaska may borrow the proceeds of the 24 bonds for the purposes described in this section. The Alaska Housing Finance Corporation 25 and the University of Alaska may enter into agreements, including leases, and may transfer 26 title to property or create security interests in property, or both, as they consider appropriate, 27 to provide for and secure the repayment of a loan made under this section. Bonds described 28 in this section are special obligations of the Alaska Housing Finance Corporation payable only 29 from revenue and receipts derived under an agreement with the University of Alaska described 30 in this section. 31 (b) Subsection (a) of this section grants the legislative approval of the project required
01 by AS 18.55.100(d). 02 * Sec. 5. (a) The University of Alaska may issue bonds under AS 14.40.254 in an 03 aggregate principal amount not to exceed $45,000,000 and may use the proceeds of the 04 revenue bonds to pay for costs of repair and rehabilitation of buildings and other structures 05 owned by the University of Alaska and to pay related costs, including costs of issuing the 06 bonds. 07 (b) Regarding the project described in (a) of this section, notice is given under 08 AS 14.40.253 that 09 (1) the anticipated annual 10 payment amount is . . . . . . . . . . . . . . . . . . . . . . . . . $3,723,900; 11 (2) the anticipated financing 12 (total lease payments for the full-term lease) is . . . . . . . . .$74,458,084; 13 (3) the total construction, acquisition 14 or other costs of the project are . . . . . . . . . . . . . . . . .$40,376,100; 15 (c) Subsection (a) of this section grants the legislative approval of the project required 16 by AS 14.40.253. 17 * Sec. 6. This Act takes effect immediately under AS 01.10.070(c).