SB 218: "An Act relating to international airports revenue bonds and to the spending plan for the International Airports Construction Fund; and providing for an effective date."
00 SENATE BILL NO. 218 01 "An Act relating to international airports revenue bonds and to the spending plan for 02 the International Airports Construction Fund; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 37.15.410 is amended to read: 05 Sec. 37.15.410. Bond authorization. For the purpose of providing part or all 06 of the money to be used, with or without any grants or other money that may become 07 available, the issuance and sale of revenue bonds of the state in a total principal sum 08 not to exceed $452,900,000 [$305,000,000] is authorized to acquire, equip, construct, 09 and install the additions, improvements, extensions, and facilities authorized in 10 AS 37.15.510. The principal of and interest on these bonds shall be paid out of and 11 secured by the gross revenue derived by the state from the ownership, lease, use, and 12 operation of the airports, and of all the facilities of them, and out of any other money 13 that may be appropriated for the purpose. 14 * Sec. 2. AS 37.15.420(c) is amended to read:
01 (c) By January 1 of each year, the commissioner of transportation and public 02 facilities shall submit to the legislature an annual spending plan that contains 03 information regarding the planned expenditure of money from the construction fund 04 during the next fiscal year and information on certain expenditures made during 05 the previous fiscal year. The spending plan must include 06 (1) the total amount of money to be spent from the construction fund; 07 (2) a description of the work to be performed on airport facilities that 08 will be financed with money from the construction fund; 09 (3) the amount from the construction fund that will be spent under 10 contracts with the private sector and a description of the goods or services to be 11 provided to the state under each of the contracts; 12 (4) the amounts that the state will spend from the construction fund for 13 purposes other than contract payments and a description of each of those purposes, 14 including financing costs, administrative and other overhead costs, and contingencies; 15 (5) the amounts spent during the previous fiscal year for cost 16 overruns on projects financed in whole or part with money from the construction 17 fund and the sources of money used for those cost overruns; 18 (6) identification of time delays that occurred during the previous 19 fiscal year on projects financed in whole or part with money from the 20 construction fund and amounts spent as a result of the delays. 21 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).