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CSSB 163(FIN): "An Act approving the University of Alaska's plans to enter into long-term obligations with the Alaska Housing Finance Corporation to borrow money from the corporation for the construction of new student housing facilities, and authorizing the Alaska Housing Finance Corporation to issue its debt obligations and to make loans to the University of Alaska to finance construction of those student housing facilities; and providing for an effective date."

00 CS FOR SENATE BILL NO. 163(FIN)                                                                                         
01 "An Act approving the University of Alaska's plans to enter into long-term                                              
02 obligations with the Alaska Housing Finance Corporation to borrow money from                                            
03 the corporation for the construction of new student housing facilities, and                                             
04 authorizing the Alaska Housing Finance Corporation to issue its debt obligations                                        
05 and to make loans to the University of Alaska to finance construction of those                                          
06 student housing facilities; and providing for an effective date."                                                       
07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
08    * Section 1.  UNIVERSITY OF ALASKA STUDENT HOUSING PROJECT APPROVAL.                                                 
09 (a)  The Nineteenth Alaska State Legislature approves the plans of the Board of Regents of                              
10 the University of Alaska to enter into obligations to borrow $33,000,000 from the Alaska                                
11 Housing Finance Corporation for acquisition and construction of student housing facilities on                           
12 the University of Alaska Anchorage campus.                                                                              
13  (b)  For acquisition and construction of the student housing facilities described in (a)                               
14 of this section, the anticipated                                                                                        
01   (1)  annual debt service is $2,767,000 a year for 25 years, of which the                                              
02 University of Alaska will pay an amount not to exceed $1,751,515 a year;                                                
03   (2)  total construction and other costs of the facilities are $36,784,000, of which                                   
04 $34,000,000 is for construction to be financed as follows:                                                              
05   (A)  $30,000,000 will be financed through the Alaska Housing Finance                                                 
06 Corporation under a subsidized bond authorization;                                                                      
07   (B)  $3,000,000 will be financed through the Alaska Housing Finance                                                  
08 Corporation with the debt service fully paid by the University of Alaska; and                                           
09   (C)  $1,000,000 will be paid for by the University of Alaska through                                                 
10 university receipts; and                                                                                                
11   (3)  total debt service for the full term of the bond is $73,300,000.                                                 
12  (c)  Subsection (a) of this section provides the project approval required by                                          
13 AS 14.40.253 for obligations of the University of Alaska having an annual payment by the                                
14 university anticipated to exceed $1,000,000.                                                                            
15    * Sec. 2.  ALASKA HOUSING FINANCE CORPORATION AUTHORIZED TO ISSUE                                                    
16 OBLIGATIONS IN ORDER TO MAKE LOANS.  (a)  The Alaska Housing Finance                                                    
17 Corporation may                                                                                                         
18   (1)  issue bonds or other obligations of the corporation with respect to the loans                                    
19 to be financed for acquisition or construction of the student housing described in sec. 1 of this                       
20 Act; and                                                                                                                
21   (2)  loan to the University of Alaska the amounts set out in sec. 1 of this Act                                       
22 to finance the acquisition or construction of the student housing facilities.                                           
23  (b)  Subsection (a) of this section provides the approval required by AS 18.55.100(d)                                  
24 for the Alaska Housing Finance Corporation to arrange for or contract for the financing,                                
25 design, construction, and acquisition of a public building project under AS 18.55.100(a)(7).                            
26    * Sec. 3.  This Act takes effect immediately under AS 01.10.070(c).