HB 524: "An Act relating to the issuance of general obligation bonds for the purpose of paying the cost of design, construction, and maintenance of schools and state facilities; and providing for an effective date."
00 HOUSE BILL NO. 524 01 "An Act relating to the issuance of general obligation bonds for the purpose of paying 02 the cost of design, construction, and maintenance of schools and state facilities; and 03 providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 06 to read: 07 GENERAL OBLIGATION BONDS. For the purpose of paying the cost of design, 08 construction, and maintenance of schools and state facilities, general obligation bonds of the 09 state in the principal amount of not more than $100,000,000, if ratified by a majority of the 10 qualified voters of the state who vote on the question, shall be issued and sold. The full faith, 11 credit, and resources of the state are pledged to the payment of the principal of and interest 12 and redemption premium, if any, on the bonds. The bonds shall be issued under the 13 provisions 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 to 02 read: 03 SCHOOL AND STATE FACILITY DESIGN, CONSTRUCTION, AND 04 MAINTENANCE FUND. If the issuance of the bonds is ratified by a majority of the 05 qualified voters of the state who vote on the question, a special fund of the state to be known 06 as the "School and state facility design, construction, and maintenance fund" shall be 07 established, to which shall be credited the proceeds of the sale of the bonds described in sec. 1 08 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 to 10 read: 11 DEPARTMENT OF TRANSPORTATION AND PUBLIC FACILITIES. The 12 amount of $100,000,000 is appropriated from the school and state facility design, 13 construction, and maintenance fund to the Department of Transportation and Public Facilities 14 to be allocated by the department to projects selected by the department for the design, 15 construction, and maintenance of schools and state facilities. 16 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 17 read: 18 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority 19 of the qualified voters of the state who vote on the question, the amount of $350,000 or as 20 much of that amount as is found necessary is appropriated from the proceeds of the sale of the 21 bonds authorized by this Act to the state bond committee to carry out the provisions of this 22 Act and to pay expenses incident to the sale and issuance of the bonds authorized by this Act. 23 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 24 read: 25 ADVANCE PLANNING. Any amount withdrawn from the public facility planning 26 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 27 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds 28 authorized by this Act. 29 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 30 read: 31 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated
01 balance of the appropriation made in sec. 3 of this Act lapses under AS 37.25.020 and is 02 appropriated to the state bond committee to redeem bonds sold under this Act. The amounts 03 expended from the general fund to pay the principal, interest, and redemption premium on 04 bonds issued under this Act shall be reimbursed to the general fund from the appropriation 05 made under this section to the extent that the money is not needed to redeem the bonds. 06 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 07 read: 08 BALLOT QUESTION. The question whether the bonds authorized by this Act are to 09 be issued shall be submitted to the qualified voters of the state at the next general election and 10 shall read substantially as follows: 11 P R O P O S I T I O N 12 State General Obligation School and State Facility, Design, 13 Construction, and Maintenance Bonds $100,000,000 14 Shall the State of Alaska issue its general obligation bonds in 15 the principal amount of not more than $100,000,000 for the 16 purpose of paying for the cost of design, construction, and 17 maintenance of schools and state facilities? 18 Bonds Yes [ ] 19 Bonds No [ ] 20 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).