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SB 17: "An Act authorizing the issuance of bonds by the Alaska Housing Finance Corporation to pay for the construction of a new student dormitory at the University of Alaska Anchorage; amending powers of the Alaska Housing Finance Corporation; amending the definition of 'public building'; and relating to the Alaska debt retirement fund; and providing for an effective date."

00 SENATE BILL NO. 17                                                                                                      
01 "An Act authorizing the issuance of bonds by the Alaska Housing Finance                                                 
02 Corporation to pay for the construction of a new student dormitory at the                                               
03 University of Alaska Anchorage; amending powers of the Alaska Housing Finance                                           
04 Corporation; amending the definition of 'public building'; and relating to the                                          
05 Alaska debt retirement fund; and providing for an effective date."                                                      
06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
07    * Section 1.   LEGISLATIVE INTENT.  It is the intent of the legislature that                                         
08 appropriations for lease or other payments for debt service on the bonds authorized by this Act                         
09 be made from the Alaska debt retirement fund (AS 37.15.011).                                                            
10    * Sec. 2.  AS 18.55.100(a)(15) is amended to read:                                                                   
11   (15)  arrange or contract for the financing, design, construction, and                                               
12 acquisition of public buildings for lease to the state or the University of Alaska in                                 
13 accordance with AS 18.55.010 - 18.55.290;                                                                               
14    * Sec. 3.  AS 18.55.288(3) is amended to read:                                                                       
01   (3)  "public building" means a publicly owned structure that is subject                                             
02 to a financing agreement with the state or the University of Alaska or that is                                         
03 leased to the state or the University of Alaska, and that is used for governmental,                                   
04 public, or educational purposes [USE].                                                                                
05    * Sec. 4.  AS 37.15.011(b) is amended to read:                                                                       
06  (b)  The Alaska debt retirement fund shall be invested by the Department of                                           
07 Revenue so as to yield competitive market rates, as provided in AS 37.10.071. Money                                     
08 in the fund may be appropriated                                                                                         
09   (1)  for the purposes set out in AS 37.15.012;                                                                       
10   (2)  to reimburse municipalities for obligations authorized under                                                    
11 AS 14.11.100;                                                                                                           
12   (3)  to finance the acquisition of state facilities through lease-purchase                                           
13 agreements; [AND]                                                                                                       
14   (4)  to finance the acquisition of University of Alaska  facilities                                                 
15 through lease-purchase agreements or other financing agreements; and                                                    
16   (5)  if an unobligated balance remains, to finance the design and                                                   
17 construction of capital projects.                                                                                       
18    * Sec. 5.  (a)  The Alaska Housing Finance Corporation may issue bonds under                                         
19 AS 18.55.140 in an aggregate principal amount not to exceed $22,000,000 for the planning,                               
20 design, construction, and furnishing of a new 500-bed student dormitory at the Anchorage                                
21 campus of the University of Alaska and to pay related costs, including costs of issuing the                             
22 bonds.  The Alaska Housing Finance Corporation may lend the proceeds of the bonds to the                                
23 University of Alaska.  The University of Alaska may borrow the proceeds of the bonds for                                
24 the purposes described in this section.  The Alaska Housing Finance Corporation and the                                 
25 University of Alaska may enter into agreements, including leases, and may transfer title to                             
26 property or create security interests in property, or both, as they consider appropriate, to                            
27 provide for and secure the repayment of a loan made under this section.  Bonds described in                             
28 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. 6.  This Act takes effect immediately under AS 01.10.070(c).