HB 319: "An Act providing for and relating to the issuance of state guaranteed transportation revenue anticipation bonds for the purpose of paying the cost of transportation projects that qualify for federal highway aid and the allocation of those bond proceeds; and providing for an effective date."
00HOUSE BILL NO. 319 01 "An Act providing for and relating to the issuance of state guaranteed 02 transportation revenue anticipation bonds for the purpose of paying the cost of 03 transportation projects that qualify for federal highway aid and the allocation of 04 those bond proceeds; and providing for an effective date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. The uncodified law of the State of Alaska is amended by adding a new 07 section to read: 08 BOND AUTHORIZATION. For the purpose of paying the cost of accelerated 09 transportation projects in this state that qualify for federal highway aid, state guaranteed 10 transportation revenue anticipation bonds of the state in the principal amount of not more than 11 $350,000,000 shall be issued and sold if authorized by the qualified voters of the state. 12 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section 13 to read: 14 PLEDGE OF STATE CREDIT. The full faith, credit, and resources of the state are
01 pledged to the payment of the principal and interest and redemption premium, if any, on the 02 bonds authorized in sec. 1 of this Act. However, it is the intent of the legislature that, to the 03 extent permitted by federal law, the principal and interest on the bonds shall be repaid with 04 appropriations made from federal highway aid granted to the state under the Transportation 05 Equity Act for the 21st Century (P.L. 105-178) or any other subsequently enacted federal law 06 providing federal highway aid for this purpose and with any interest earned from the 07 investment of bond proceeds if permitted by federal law. The bonds shall be issued under the 08 provisions of AS 37.15 as those provisions read at the time of issuance. 09 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section 10 to read: 11 BOND PROCEEDS FUND ESTABLISHED. If the issuance of the bonds described 12 in sec. 1 of this Act is authorized by the qualified voters of the state, a special fund of the 13 state to be known as the "accelerated Alaska transportation projects fund" shall be established, 14 to which shall be credited the proceeds of the sale of those bonds, except for the accrued 15 interest owed to bondholders. The fund may be invested as provided in AS 37.10.071 and any 16 earnings shall be retained in the fund and are considered bond proceeds. 17 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section 18 to read: 19 BOND PROJECT ALLOCATIONS. Subject to appropriation, the amount of 20 $350,000,000 is allocated from the "accelerated Alaska transportation projects fund" to the 21 Department of Transportation and Public Facilities for the following projects in the amounts 22 listed subject to reallocation between projects in accordance with AS 37.07.080(e): 23 Project Location Amount 24 (1) C Street Phases II and III - 25 Potter Road to O'Malley and 26 Interchanges at C Street & 27 O'Malley and Old Seward 28 Highway and O'Malley Anchorage $70,000,000 29 (2) Glenn Highway - Gambell Street 30 to McCarrey Street 31 Reconstruction Anchorage 65,000,000
01 (3) Chief Eddie Hoffman Highway 02 Rehabilitation Bethel 4,000,000 03 (4) Aleknagik Road Paving, 04 Wayside and Trailhead Dillingham 9,000,000 05 (5) Reconstruct Illinois & Barnette 06 Streets including New Bridges 07 and a Rehabilitation of the 08 Cushman Street Bridge Fairbanks 25,000,000 09 (6) Downtown Revitalization Street 10 Improvements Fairbanks 10,000,000 11 (7) University Avenue Widening Fairbanks 20,000,000 12 (8) Ted Stevens Way & Shore 13 Avenue Reconstruction Kotzebue 12,000,000 14 (9) Parks/Glenn Highway 15 Interchange and Reconstruction Matanuska 16 of the Glenn Highway from Susitna 17 the Parks Highway to Palmer Borough 60,000,000 18 (10) Bering, Seppala and Front Streets 19 Rehabilitation and Improvements Nome 5,000,000 20 (11) Southeast Transportation Plan: 21 Two High-Speed Ferries Southeast Alaska 70,000,000 22 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section 23 to read: 24 COSTS OF BOND ISSUANCE. If the issuance of the bonds described in sec. 1 of 25 this Act is authorized by the qualified voters of the state, subject to appropriation, the amount 26 of $3,500,000, or as much of that amount as is found necessary, may be appropriated from 27 the general fund of the state to the state bond committee to carry out the provisions of this 28 Act and to pay expenses incident to the sale and issuance of the bonds authorized by this Act. 29 The amounts expended from the appropriation authorized by this section shall be reimbursed 30 to the general fund from the proceeds of the sale of the bonds authorized by this Act. 31 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section
01 to read: 02 REIMBURSEMENT OF STATE MONEY. The amount withdrawn from the public 03 facility planning fund (AS 35.10.135) for the purpose of advance planning for the capital 04 improvements financed under this Act shall be reimbursed to the fund from the proceeds of 05 the sale of the bonds authorized by this Act. 06 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section 07 to read: 08 BOND REDEMPTION. The unexpended and unobligated balance allocated for 09 projects in sec. 4 of this Act lapses under AS 37.25.020 and may be appropriated to the state 10 bond committee to redeem bonds sold under this Act. The amounts expended from the 11 general fund to pay the principal, interest, and redemption premium on bonds issued under this 12 Act shall be reimbursed to the general fund from the appropriation authorized in this section 13 to the extent that the money is not needed to redeem the bonds. 14 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section 15 to read: 16 BALLOT PROPOSITION. The question whether the bonds authorized in this Act are 17 to be issued shall be submitted to the qualified voters of the state at the next general election 18 and shall read substantially as follows: 19 PROPOSITION 20 State Guaranteed Transportation Revenue Anticipation Bonds $350,000,000 21 Shall the State of Alaska issue general obligation bonds in the principal amount 22 of not more than $350,000,000 for the purpose of paying the cost of 23 accelerated Alaska transportation projects qualifying for federal highway aid? 24 Bonds Yes [ ] 25 Bonds No [ ] 26 * Sec. 9. The uncodified law of the State of Alaska is amended by adding a new section 27 to read: 28 BALLOT STATEMENT. In addition to the information that the director of elections 29 is required to make available to the voters under AS 15.15.040(b), the director shall include 30 a statement jointly prepared by the commissioner of revenue and the legislative auditor setting 31 out an estimate of anticipated revenue derived from federal highway aid for the period for
01 which expenditure authority has been granted by the Congress of the United States. 02 * Sec. 10. This Act takes effect immediately under AS 01.10.070(c).