HB 281: "An Act providing for the issuance of general obligation bonds in the amount of $665,000,000 for the purposes of paying the cost of design, construction, and renovation of public elementary and secondary schools, renovation of state buildings, capital improvements at the University of Alaska, and capital improvements to state harbors; and providing for an effective date."
00HOUSE BILL NO. 281 01 "An Act providing for the issuance of general obligation bonds in the amount of 02 $665,000,000 for the purposes of paying the cost of design, construction, and 03 renovation of public elementary and secondary schools, renovation of state 04 buildings, capital improvements at the University of Alaska, and capital 05 improvements to state harbors; and providing for an effective date." 06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 07 * Section 1. The uncodified law of the State of Alaska is amended by adding a new 08 section to read: 09 GENERAL OBLIGATION BONDS. For the purposes of paying the cost of design, 10 construction, and renovation of capital improvements at public elementary and secondary 11 schools, at the University of Alaska, at state buildings, and at state harbors, general obligation 12 bonds of the state in the principal amount of not more than $665,000,000 if authorized by the 13 qualified voters of the state shall be issued and sold. The full faith, credit, and resources of 14 the state are pledged to the payment of the principal of and interest and redemption premium,
01 if any, on the bonds. The bonds shall be issued under the provisions of AS 37.15 as those 02 provisions read at the time of issuance. 03 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section 04 to read: 05 BUILD ALASKA FUND. If the issuance of the bonds is authorized by the qualified 06 voters of the state, a special fund of the state to be known as the "build Alaska fund" shall 07 be established, to which shall be credited the proceeds of the sale of the bonds described in 08 sec. 1 of this Act except for the accrued interest and premiums. 09 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section 10 to read: 11 CONDITIONS ON BOND ISSUANCE. The bonds authorized by this Act may be sold 12 in an amount not greater than 13 (1) $145,000,000 in state fiscal year 2001; 14 (2) $145,000,000 in state fiscal year 2002; and 15 (3) $125,000,000 in each state fiscal year following state fiscal year 2002. 16 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section 17 to read: 18 SCHOOL CONSTRUCTION GRANTS FUND. The amount of $410,000,000 is 19 appropriated from the build Alaska fund to the school construction grant fund (AS 14.11.005) 20 to pay for renovation and improvement of public elementary and secondary schools. The 21 appropriation authorized in this section may not exceed $82,000,000 in any single state fiscal 22 year. Notwithstanding AS 24.08.037, the funds described in this section shall be allocated 23 annually, beginning January 2001, based on the priority list established in the capital 24 improvement project grant schedule for school construction delivered to the legislature under 25 AS 14.11.013 by the Department of Education and Early Development in January 2001, except 26 that, in each state fiscal year, 27 (1) not more than 65 percent of the funding shall be allocated to school 28 districts contributing 15 percent or less to construction costs under AS 14.11.008; and 29 (2) at least 35 percent of the funding shall be allocated to school districts 30 contributing 30 percent or more to construction costs under AS 14.11.008. 31 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section
01 to read: 02 SCHOOL MAJOR MAINTENANCE GRANT FUND. The amount of $90,000,000 03 is appropriated from the build Alaska fund to the major maintenance grant fund 04 (AS 14.11.007) to pay for renovation and improvement of public elementary and secondary 05 schools. The appropriation authorized in this section may not exceed $18,000,000 in any 06 single state fiscal year. Notwithstanding AS 24.08.037, the funds described in this section 07 shall be allocated annually, beginning in January 2001, based on the priority list established 08 in the capital improvement project grant schedule for major maintenance delivered to the 09 legislature under AS 14.11.013 by the Department of Education and Early Development in 10 January 2000, except that, 11 (1) in each state fiscal year, not more than 65 percent of the funding shall be 12 allocated to school districts contributing 15 percent or less to maintenance costs under 13 AS 14.11.008; 14 (2) in each state fiscal year, at least 35 percent of the funding shall be 15 allocated to school districts contributing 30 percent or more to maintenance costs under 16 AS 14.11.008; and 17 (3) after all projects on the priority list described in this section are funded, 18 projects added to the priority list after January 2000 may be funded subject to the 19 requirements described in this section. 20 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section 21 to read: 22 HARBORS. The amount of $35,000,000 is appropriated from the build Alaska fund 23 to the Department of Transportation and Public Facilities for the purpose of upgrading harbor 24 facilities. Funds appropriated under this section shall be made available by the commissioner 25 of transportation and public facilities in amounts not to exceed (1) $10,000,000 in state fiscal 26 year 2001; (2) $10,000,000 in state fiscal year 2002; (3) $10,000,000 in state fiscal year 2003; 27 and (4) $5,000,000 in state fiscal year 2004. A harbor facility is not eligible for funding 28 under this section unless the municipality in which the harbor is located owns and operates 29 the harbor and the harbor is located in one of the following communities: Cordova, Juneau, 30 Ketchikan, Petersburg, Seldovia, Sitka, Valdez, Whittier, or Wrangell. 31 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section
01 to read: 02 STATE FACILITIES. The amount of $40,000,000 is appropriated from the build 03 Alaska fund to the Department of Transportation and Public Facilities for the purpose of 04 paying the cost of modification of state facilities to comply with 42 U.S.C. 12101 - 12213 05 (Americans with Disabilities Act of 1990). Funds appropriated under this section shall be 06 made available by the commissioner of transportation and public facilities in amounts not to 07 exceed $20,000,000 in state fiscal year 2001 and $20,000,000 in state fiscal year 2002. All 08 facility compliance modifications authorized under this section must be completed by the end 09 of calendar year 2002. 10 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section 11 to read: 12 UNIVERSITY OF ALASKA. The amount of $90,000,000 is appropriated from the 13 build Alaska fund to the University of Alaska for the purpose of renovating and improving 14 University of Alaska educational facilities. At least $30,000,000 of funds appropriated under 15 this section shall be allocated by the Board of Regents of the University of Alaska for the 16 library at the University of Alaska Anchorage. The funds appropriated under this section shall 17 be made available by the Board of Regents of the University of Alaska in the following 18 amounts: 19 (1) $15,000,000 in state fiscal year 2001; 20 (2) $15,000,000 in state fiscal year 2002; 21 (3) $15,000,000 in state fiscal 2003; 22 (4) $20,000,000 in state fiscal year 2004; 23 (5) $25,000,000 in state fiscal year 2005. 24 * Sec. 9. The uncodified law of the State of Alaska is amended by adding a new section 25 to read: 26 STATE BOND COMMITTEE. If the issuance of the bonds is authorized by the 27 qualified voters of the state, the following amounts or as much of the amounts as is found 28 necessary are appropriated from the general fund of the state to the state bond committee to 29 carry out the provisions of this Act and to pay expenses incident to the sale and issuance of 30 the bonds authorized in this Act: (1) in state fiscal year 2001, $507,500; (2) in state fiscal 31 year 2002, $507,500; (3) in a subsequent fiscal year following state fiscal year 2002, $437,500
01 each year. The amounts expended from the appropriations authorized by this section shall be 02 reimbursed to the general fund from the proceeds of the sale of the bonds authorized by this 03 Act. 04 * Sec. 10. The uncodified law of the State of Alaska is amended by adding a new section 05 to read: 06 ADVANCE PLANNING. The amount withdrawn from the public facility planning 07 fund (AS 35.10.135) for the purpose of advance planning for the improvement financed under 08 this Act shall be reimbursed to the fund from the proceeds of the sale of bonds authorized by 09 this Act. 10 * Sec. 11. The uncodified law of the State of Alaska is amended by adding a new section 11 to read: 12 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 13 balances of the appropriations made in secs. 4 - 8 of this Act lapse under AS 37.25.020 and 14 are appropriated to the state bond committee to redeem bonds sold under this Act. The 15 amounts expended from the general fund to pay the principal, interest, and redemption 16 premium on bonds issued under this Act shall be reimbursed to the general fund from the 17 appropriation made under this section to the extent that the money is not needed to redeem 18 the bonds. 19 * Sec. 12. The uncodified law of the State of Alaska is amended by adding a new section 20 to read: 21 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 22 be issued shall be submitted to the qualified voters of the state at the next general election and 23 shall read substantially as follows: 24 P R O P O S I T I O N 25 Build Alaska Capital Improvements 26 Design, Construction, and Renovation 27 Bonds $665,000,000 28 Shall the State of Alaska issue its general obligation bonds in 29 the principal amount of not more than $665,000,000 for the 30 purposes of paying the cost of design, construction, and 31 renovation of capital improvements to public schools, to the
01 University of Alaska, to state harbors, and to state buildings. 02 Bonds Yes [ ] 03 Bonds No [ ] 04 * Sec. 13. This Act takes effect immediately under AS 01.10.070(c).