SSSB 174: "An Act providing for the issuance of general obligation bonds in the amount of $61,400,000 for the purpose of paying the cost of design, construction, and maintenance of capital improvements at the University of Alaska; and providing for an effective date."
00SPONSOR SUBSTITUTE FOR SENATE BILL NO. 174 01 "An Act providing for the issuance of general obligation bonds in the amount of 02 $61,400,000 for the purpose of paying the cost of design, construction, and 03 maintenance of capital improvements at the University of Alaska; and providing 04 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 GENERAL OBLIGATION BONDS. For the purpose of paying the cost of design, 09 construction, and maintenance of capital improvements at the University of Alaska, general 10 obligation bonds of the state in the principal amount of not more than $61,400,000 if 11 authorized by the qualified voters of the state shall be issued and sold. The full faith, credit, 12 and resources of the state are pledged to the payment of the principal of and interest and 13 redemption premium, if any, on the bonds. The bonds shall be issued under the provisions 14 of AS 37.15 as those provisions read at the time of issuance.
01 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section 02 to read: 03 UNIVERSITY OF ALASKA CAPITAL IMPROVEMENT FUND. If the issuance of 04 the bonds is authorized by the qualified voters of the state, a special fund of the state to be 05 known as the "University of Alaska Capital Improvement Fund" shall be established, to which 06 shall be credited the proceeds of the sale of the bonds described in sec. 1 of this Act except 07 for the accrued interest and premiums. 08 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section 09 to read: 10 DEPARTMENT OF TRANSPORTATION AND PUBLIC FACILITIES. The amount 11 of $61,400,000 is appropriated from the "University of Alaska Capital Improvement Fund" to 12 the Department of Transportation and Public Facilities to be allocated in accordance with the 13 following projects and estimates: 14 PROJECT LOCATION AMOUNT 15 (1) Hutchinson career center expansion Fairbanks $ 7,000,000 16 (2) Food service facility planning Fairbanks 1,250,000 17 and design 18 (3) Museum maintenance/renewal/ Fairbanks 15,500,000 19 replacement 20 (4) Construction of library Anchorage 31,400,000 21 (5) Science facility maintenance/ Anchorage 3,500,000 22 renewal/replacement 23 (6) Sports facility maintenance/ Anchorage 2,750,000 24 renewal/replacement 25 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section 26 to read: 27 STATE BOND COMMITTEE. If the issuance of the bonds is authorized by the 28 qualified voters of the state, the amount of $214,900 or as much of that amount as is found 29 necessary is appropriated from the general fund of the state to the state bond committee to 30 carry out the provisions of this Act and to pay expenses incident to the sale and issuance of 31 the bonds authorized in this Act. The amounts expended from the appropriation authorized
01 by this section shall be reimbursed to the general fund from the proceeds of the sale of the 02 bonds authorized by this Act. 03 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section 04 to read: 05 ADVANCE PLANNING. The amount withdrawn from the public facility planning 06 fund (AS 35.10.135) for the purpose of advance planning for the improvement financed under 07 this Act shall be reimbursed to the fund from the proceeds of the sale of bonds authorized by 08 this Act. 09 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section 10 to read: 11 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 12 balance of the appropriation made in sec. 3 of this Act lapses under AS 37.25.020 and is 13 appropriated to the state bond committee to redeem bonds sold under the Act. The amounts 14 expended from the general fund to pay the principal, interest, and redemption premium on 15 bonds issued under this Act shall be reimbursed to the general fund from the appropriation 16 made under this section to the extent that the money is not needed to redeem the bonds. 17 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section 18 to read: 19 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 20 be issued shall be submitted to the qualified voters of the state at the next general election and 21 shall read substantially as follows: 22 P R O P O S I T I O N 23 University of Alaska Capital Improvements 24 Design, Construction, and Maintenance 25 Bonds $61,400,000 26 Shall the State of Alaska issue its general obligation bonds in the 27 principal amount of not more than $61,400,000 for the purpose of 28 paying the cost of design, construction, and maintenance of capital 29 improvements at the University of Alaska. 30 Bonds Yes [ ] 31 Bonds No [ ]
01 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).