SSSB 94: "An Act relating to the financing of major maintenance of public school facilities; authorizing the commissioner of revenue to sell the right to receive a portion of the anticipated revenue from a certain tobacco litigation settlement to the Northern Tobacco Securitization Corporation; relating to the deposit of certain anticipated revenue from a certain tobacco litigation settlement; authorizing the issuance of bonds by the Northern Tobacco Securitization Corporation with proceeds to finance public school major maintenance; and providing for an effective date."
00 SPONSOR SUBSTITUTE FOR SENATE BILL NO. 94 01 "An Act relating to the financing of major maintenance of public school facilities; 02 authorizing the commissioner of revenue to sell the right to receive a portion of the 03 anticipated revenue from a certain tobacco litigation settlement to the Northern Tobacco 04 Securitization Corporation; relating to the deposit of certain anticipated revenue from a 05 certain tobacco litigation settlement; authorizing the issuance of bonds by the Northern 06 Tobacco Securitization Corporation with proceeds to finance public school major 07 maintenance; and providing for an effective date." 08 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 09 * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 10 to read: 11 SALE OF RIGHT TO RECEIVE ANTICIPATED SPECIAL REVENUE. (a) The 12 commissioner of revenue is authorized to sell to the Northern Tobacco Securitization 13 Corporation, a subsidiary corporation of the Alaska Housing Finance Corporation created
01 under AS 18.56.086, the right to receive 20 percent annually of the revenue derived from the 02 settlement of State of Alaska v. Philip Morris, Incorporated, et al, No. 1JU-97-915 CI (Alaska 03 Super. 1997). The sale of the right to receive revenue under this subsection is in addition to 04 the sale of the right to receive revenue under sec. 9, ch. 130, SLA 2000. 05 (b) The proceeds to the state of the sale of the right to receive revenue under (a) of 06 this section are anticipated to be at least $58,145,522. 07 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 08 read: 09 BOND AUTHORIZATION AND PROVISIONS. (a) The Northern Tobacco 10 Securitization Corporation is authorized to issue revenue bonds in principal amounts 11 sufficient to acquire the right to receive revenue described in sec. 1 of this Act from the 12 commissioner of revenue at a price agreed upon by the Northern Tobacco Securitization 13 Corporation and the commissioner of revenue. The bonds may be special, limited obligations 14 of the Northern Tobacco Securitization Corporation secured solely by the right to receive 15 revenue sold to the Northern Tobacco Securitization Corporation under sec. 1 of this Act, and 16 the Northern Tobacco Securitization Corporation may include in agreements with the 17 bondholders a pledge of the right to receive that revenue and the promise of the state to honor 18 that pledge. A pledge made under this section is subject to the provisions of AS 18.56.120, 19 and bonds issued under this section are subject to the provisions of AS 18.56.170, in each case 20 as though "corporation" in those statutes were to mean the Northern Tobacco Securitization 21 Corporation. 22 (b) Subject to agreements with bondholders and appropriation as described in (c) of 23 this section, the Northern Tobacco Securitization Corporation shall make the proceeds of the 24 bonds issued under (a) of this section available to the Department of Education and Early 25 Development to pay or reimburse itself for expenditures described in (c) of this section. 26 (c) Subject to appropriation, the proceeds of bonds issued under (a) of this section 27 shall be used by the Department of Education and Early Development to finance state grants 28 under AS 14.11.005 - 14.11.020 in the total amount of $58,145,522 for the renovation and 29 improvement of public schools for the following projects in the following amounts: 30 DISTRICT PROJECT AMOUNT 31 (1) Petersburg City Fascia/Soffit Repair/Replacement 116,236
01 Recovery of Funds 02 (2) Yukon-Koyukuk Nulato Structural Repairs 314,387 03 (3) Bering Strait Shishmaref School Roof Replacement 8,342,525 04 and Renovation Phase III 05 (4) Iditarod Area Blackwell School Heating Renovation/Site 173,754 06 Repair 07 (5) Sitka City Borough Blatchley Exterior Renovation/Repair 346,500 08 (6) Chatham Angoon Elementary School Major 2,066,257 09 Maintenance 10 (7) Skagway City Skagway Major Maintenance 35,598 11 (8) Pribilof Island St. George School Remodel 4,513,164 12 (9) Southwest Region Clarks Point School Generator Building 35,989 13 (10) Ketchikan Schoenbar Renovation 4,891,992 14 (11) Yupiit Akiak School Repairs 177,571 15 (12) Galena Project Education Food Service Renovation 261,806 16 (13) Southwest Region Koliganek School Improvement 451,993 17 (14) Juneau City Borough Juneau-Douglas High School 9,097,138 18 Renovation/ADA Upgrade 19 (15) Southwest Region Ekwok, Koliganek, Togiak Schools 122,256 20 Heating System Upgrade 21 (16) Hoonah City Hoonah Swimming Pool Sprinkler System 220,476 22 (17) Galena High School Remodel 167,846 23 (18) Kenai Peninsula McNeil Canyon Replace Septic System 171,500 24 (19) Kake City Kake High School Renovation Phase II 175,065 25 (20) Chatham Angoon High School Major Maintenance 1,730,507 26 (21) North Slope Borough Tikigaq School Renovation 3,675,502 27 (22) Tanana City Tanana Kitchen Renovation 438,539 28 (23) Wrangell City Wrangell Elementary Schools Renovation 1,129,238 29 (24) Lower Yukon Emmonak Mechanical System Upgrade 574,885 30 (25) Lower Yukon Alakanuk Mechanical System Upgrade 899,740 31 (26) Iditarod Area Takotna Community School Water Project 192,374
01 (27) Anchorage Service High School Phase I Renovation 4,998,000 02 (28) Kenai Peninsula Seward Middle School Gym Re-roof 278,275 03 (29) Iditarod Area Innoko River School Bathroom, Shower 46,746 04 and Underfloor Damage Repair 05 (30) Iditarod Area McGrath School Heating Design, Boiler 235,200 06 Replacement and Repairs 07 (31) Kenai Peninsula Kenai Central High School Reinsulate 385,610 08 Exterior Walls 385,610 09 (32) Alaska Gateway Tok Multipurpose Recreational Complex 961,612 10 Renovation Project 11 (33) Delta/Greely Fort Greely Utility Conversion 2,054,852 12 (34) Iditarod Area Holy Cross School Bathroom 47,530 13 and Shower Deterioration 14 (35) Wrangell City Wrangell Middle School Renovation 164,522 15 (36) Sitka City Borough Blatchley Domestic Water System Upgrade 667,356 16 (37) Skagway City Skagway Roof Replacement 174,613 17 (38) Matanuska-Susitna Fire Alarm Systems, Five Schools 638,647 18 Borough 19 (39) Fairbanks Districtwide Fire Protection System 1,193,832 20 Upgrades 21 (40) Yakutat City Borough Yakutat High School Gymnasium Structural 70,981 22 Repair 23 (41) Yukon-Koyukuk Kaltag School Renovation 2,418,052 24 (42) Matanuska-Susitna Colony High School, Septic 164,039 25 Borough System Upgrade 26 (43) Wrangell City Wrangell Elementary School and 101,216 27 High School Roof and Exterior Repairs 28 (44) Northwest Arctic Shungnak Improvements Phase II 2,740,522 29 (45) Dillingham City Elementary School Weatherization 105,418 30 (46) Kuspuk Chuathbaluk Crow Village Sam 375,661 31 School Sewage System Replacement
01 Total $58,145,522 02 (d) In this section, "Northern Tobacco Securitization Corporation" means the 03 subsidiary corporation of the Alaska Housing Finance Corporation created under 04 AS 18.56.086. 05 * Sec. 3. This Act takes effect July 1, 2001.