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CSSB 163(FIN)(TITLE AM): "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 on the Anchorage campus, 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)(title am)                                                                               
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 on the                                           
04 Anchorage campus, and authorizing the Alaska Housing Finance Corporation to                                             
05 issue its debt obligations and to make loans to the University of Alaska to                                             
06 finance construction of those student housing facilities; and providing for an                                          
07 effective date."                                                                                                        
08 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
09    * Section 1.  UNIVERSITY OF ALASKA STUDENT HOUSING PROJECT APPROVAL.                                                 
10 (a)  The Nineteenth Alaska State Legislature approves the plans of the Board of Regents of                              
11 the University of Alaska to enter into obligations to borrow $33,000,000 from the Alaska                                
12 Housing Finance Corporation for acquisition and construction of student housing facilities on                           
13 the University of Alaska Anchorage campus.                                                                              
14  (b)  For acquisition and construction of the student housing facilities described in (a)                               
01 of this section, the anticipated                                                                                        
02   (1)  annual debt service is $2,767,000 a year for 25 years, of which the                                              
03 University of Alaska will pay an amount not to exceed $1,751,515 a year;                                                
04   (2)  total construction and other costs of the facilities are $36,784,000, of which                                   
05 $34,000,000 is for construction to be financed as follows:                                                              
06   (A)  $30,000,000 will be financed through the Alaska Housing Finance                                                 
07 Corporation under a subsidized bond authorization;                                                                      
08   (B)  $3,000,000 will be financed through the Alaska Housing Finance                                                  
09 Corporation with the debt service fully paid by the University of Alaska; and                                           
10   (C)  $1,000,000 will be paid for by the University of Alaska through                                                 
11 university receipts; and                                                                                                
12   (3)  total debt service for the full term of the bond is $73,300,000.                                                 
13  (c)  Subsection (a) of this section provides the project approval required by                                          
14 AS 14.40.253 for obligations of the University of Alaska having an annual payment by the                                
15 university anticipated to exceed $1,000,000.                                                                            
16    * Sec. 2.  ALASKA HOUSING FINANCE CORPORATION AUTHORIZED TO ISSUE                                                    
17 OBLIGATIONS IN ORDER TO MAKE LOANS.  (a)  The Alaska Housing Finance                                                    
18 Corporation may                                                                                                         
19   (1)  issue bonds or other obligations of the corporation with respect to the loans                                    
20 to be financed for acquisition or construction of the student housing described in sec. 1 of this                       
21 Act; and                                                                                                                
22   (2)  loan to the University of Alaska the amounts set out in sec. 1 of this Act                                       
23 to finance the acquisition or construction of the student housing facilities.                                           
24  (b)  Subsection (a) of this section provides the approval required by AS 18.55.100(d)                                  
25 for the Alaska Housing Finance Corporation to arrange for or contract for the financing,                                
26 design, construction, and acquisition of a public building project under AS 18.55.100(a)(7).                            
27    * Sec. 3.  This Act takes effect immediately under AS 01.10.070(c).