SB 360: "An Act authorizing the issuance of bonds in the amount of $257,600,000 by the Alaska Housing Finance Corporation for certain capital projects; relating to those bonds and to the appropriation of revenue of the Alaska Housing Finance Corporation; and providing for an effective date."
00SENATE BILL NO. 360 01 "An Act authorizing the issuance of bonds in the amount of $257,600,000 by the 02 Alaska Housing Finance Corporation for certain capital projects; relating to those 03 bonds and to the appropriation of revenue of the Alaska Housing Finance 04 Corporation; and providing for an effective date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. LEGISLATIVE INTENT. The legislature intends to ensure the prudent 07 management of the Alaska Housing Finance Corporation to protect its excellent debt rating 08 by the nation's financial community and to preserve it as a valuable asset of the state. To 09 accomplish this goal, the sum of withdrawals for the repayment of bonds under sec. 2(c) of 10 this Act, for transfer to the general fund, and for expenditures on corporate funded capital 11 projects should not exceed the corporation's net income for the preceding fiscal year. The 12 Alaska Housing Finance Corporation projects that $103,000,000 will be available in each 13 fiscal year beginning with 1999 through 2006, for a total amount during the seven-year period 14 of $721,000,000.
01 * Sec. 2. BOND AUTHORIZATION AND PROVISIONS. (a) Notwithstanding the 02 limitation in AS 18.56.090 or other provisions of law, the Alaska Housing Finance 03 Corporation is authorized to issue up to $257,600,000 in bonds to finance capital projects of 04 state agencies or municipalities in accordance with appropriations of the bond proceeds. 05 AS 18.56.110 - 18.56.190 apply to bonds issued under this section, except that the bonds shall 06 mature not later than January 1, 2006. 07 (b) The Alaska Housing Finance Corporation shall make the proceeds of bonds issued 08 under (a) of this section available to each of the agencies and municipalities identified in an 09 appropriation of the bond proceeds as necessary to accommodate the construction schedule for 10 each of the projects for which the bond proceeds are appropriated. The bond proceeds shall 11 be used by the agencies or municipalities in amounts and for projects as set out in the 12 appropriation. All income realized by the Alaska Housing Finance Corporation on the bond 13 proceeds may be used by the corporation solely for payments of the principal of and interest 14 on the bonds or other costs related to the bonds. 15 (c) After payments under (b) of this section, any remaining amount necessary for the 16 payment of the principal of and interest on the bonds or other costs related to the bonds shall 17 be annually appropriated from unrestricted revenue of the Alaska Housing Finance 18 Corporation. Each year the corporation shall notify the legislature of the amount of 19 unrestricted revenue to appropriate for the payment of costs related to the bonds. 20 (d) Each year the corporation shall notify the legislature of the amount of unrestricted 21 revenue of the corporation, based on the corporation's net income for the preceding fiscal 22 year, remaining after the appropriation under (c) of this section that is available and that may 23 be appropriated for other purposes. If the corporation determines that an additional amount 24 of unrestricted revenue may be appropriated, the corporation shall also notify the legislature 25 of that additional amount. 26 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).