SB 372: "An Act providing for and relating to the issuance of general obligation bonds in a principal amount of not more than $160,130,000 for the purpose of paying the cost of state transportation projects; and providing for an effective date."
00 SENATE BILL NO. 372 01 "An Act providing for and relating to the issuance of general obligation bonds in a 02 principal amount of not more than $160,130,000 for the purpose of paying the cost of 03 state transportation projects; and 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 state 08 transportation projects, general obligation bonds of the state in the principal amount of not 09 more than $160,130,000, if ratified by a majority of the qualified voters of the state who vote 10 on the question, shall be issued and sold. The full faith, credit, and resources of the state are 11 pledged to the payment of the principal of and interest and redemption premium, if any, on 12 the bonds. The bonds shall be issued under the provisions of AS 37.15 as those provisions 13 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 TRANSPORTATION PROJECT FUND. If the issuance of the bonds is ratified by a 04 majority of the qualified voters of the state who vote on the question, a special fund of the 05 state to be known as the "transportation project fund" shall be established, to which shall be 06 credited the proceeds of the sale of the bonds described in sec. 1 of this Act except for the 07 accrued interest and premiums. 08 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 09 read: 10 TRANSPORTATION PROJECT ALLOCATION. The amount of $160,130,000 is 11 appropriated from the transportation project fund to the Department of Transportation and 12 Public Facilities to be allocated among the following projects in the amounts listed subject to 13 reallocation between projects in accordance with AS 37.07.080(e): 14 PROJECT ALLOCATION 15 (1) Anchorage: Dowling Road Extension and Reconstruction, $26,000,000 16 Minnesota Drive to the Old Seward Highway 17 (2) Anchorage: Abbott Loop Extension and Reconstruction, 37,500,000 18 Abbott Road to 48th Avenue 19 (3) Anchorage: Anchorage Area Right-Of-Way Acquisition 25,000,000 20 Funding 21 (4) Fairbanks: Illinois-Barnette and Bridge 18,700,000 22 (5) Bethel: Ptarmigan Street Improvements 1,480,000 23 (6) Nome: Bering Street, Seppala Drive, and Front 5,090,000 24 (7) Kenai: North Kenai Spur Road MP 22 to 29.7 Repave 10,612,000 25 (8) Soldotna: East Redoubt Avenue Rehabilitation 5,073,000 26 (9) Matanuska-Susitna: Seward Meridian Road, Parks to 7,525,000 27 Seldon Road 28 (10) Matanuska-Susitna: Trunk Road Extension/Reconstruction 9,150,000 29 (11) Ketchikan: North Tongass Highway, Ward Cove to 1,900,000 30 Whipple Creek Widening/Realign 31 (12) Ketchikan Gateway Borough: Road Surface Treatment 600,000
01 (13) Sitka: Sawmill Creek Road Upgrade, Phase I 5,500,000 02 (14) Kodiak: Chiniak Road Rehabilitation, Phase I 6,000,000 03 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 04 read: 05 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority 06 of the qualified voters of the state who vote on the question, the amount of $560,455 or as 07 much of that amount as is found necessary is appropriated from the general fund of the state 08 to the state bond committee to carry out the provisions of this Act and to pay expenses 09 incident to the sale and issuance of the bonds authorized in this Act. The amounts expended 10 from the appropriation authorized by this section shall be reimbursed to the general fund from 11 the proceeds of the sale of the bonds authorized by this Act. 12 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 13 read: 14 ADVANCE PLANNING. The amount withdrawn from the public facility planning 15 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 16 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds 17 authorized by this Act. 18 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 19 read: 20 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 21 balance of the appropriation made in sec. 3 of this Act lapses under AS 37.25.020 and is 22 appropriated to the state bond committee to redeem bonds sold under this Act. The amounts 23 expended from the general fund to pay the principal, interest and redemption premium on 24 bonds issued under this Act shall be reimbursed to the general fund from the appropriation 25 made under this section to the extent that the money is not needed to redeem the bonds. 26 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 27 read: 28 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 29 be issued shall be submitted to the qualified voters of the state at the next general election and 30 shall read substantially as follows: 31 P R O P O S I T I O N
01 State General Obligation State $160,130,000 02 Transportation Project Bonds 03 Shall the State of Alaska issue its general obligation bonds in 04 the principal amount of not more than $160,130,000 for the 05 purpose of paying the cost of state transportation projects? 06 Bonds Yes [ ] 07 Bonds No [ ] 08 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).