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).