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SB 163: "An Act approving the University of Alaska's plans to enter into long-term obligations to borrow money from the Alaska Housing Finance Corporation for the acquisition of student housing facilities; and providing for an effective date."

00 SENATE BILL NO. 163                                                                                                     
01 "An Act approving the University of Alaska's plans to enter into long-term                                              
02 obligations to borrow money from the Alaska Housing Finance Corporation for                                             
03 the acquisition of student housing facilities; and providing for an effective date."                                    
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  UNIVERSITY OF ALASKA STUDENT HOUSING PROJECT APPROVAL.                                                 
06 (a)  The Nineteenth Alaska State Legislature approves the plans of the Board of Regents of                              
07 the University of Alaska to enter into obligations to borrow money from the Alaska Housing                              
08 Finance Corporation at an interest rate of three percent for a period of 25 years for the                               
09 construction and acquisition of                                                                                         
10   (1)  student housing facilities at the Anchorage campus in the amount of                                              
11 $31,300,000;                                                                                                            
12   (2)  a student residence hall at the University of Alaska Southeast Juneau                                            
13 campus in the amount of $4,200,000; and                                                                                 
14   (3)  a student housing facility at the Ketchikan campus in the amount of                                              
01 $1,000,000.                                                                                                             
02  (b)  Subsection (a) of this section provides the project approval required by                                          
03 AS 14.40.253 for obligations of the University of Alaska having an annual payment by the                                
04 university anticipated to exceed $1,000,000.                                                                            
05    * Sec. 2.  This Act takes effect immediately under AS 01.10.070(c).