HB 561: "An Act providing for and relating to the issuance of general obligation bonds in a principal amount of not more than $1,000,000 for the purpose of paying the cost of state transportation projects; and providing for an effective date."
00 HOUSE BILL NO. 561 01 "An Act providing for and relating to the issuance of general obligation bonds in a 02 principal amount of not more than $1,000,000 for the purpose of paying the cost of state 03 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 $1,000,000, if ratified by a majority of the qualified voters of the state who vote on 10 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. 14 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to
01 read: 02 TRANSPORTATION PROJECT FUND. If the issuance of the bonds described in 03 sec. 1 of this Act is ratified by a majority of the qualified voters of the state who vote on the 04 question, a special fund of the state to be known as the "transportation project fund" shall be 05 established, to which shall be credited the proceeds of the sale of the bonds described in sec. 1 06 of this Act except for the accrued interest and premiums. 07 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 08 read: 09 TRANSPORTATION PROJECT ALLOCATION. (a) The amount of $1,000,000 is 10 appropriated from the transportation project fund to the Department of Transportation and 11 Public Facilities to be allocated among the transportation projects identified by law in the 12 amounts set out in law subject to reallocation between projects in accordance with 13 AS 37.07.080(e). 14 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 15 read: 16 STATE BOND COMMITTEE. If the issuance of the bonds under sec. 1 of this Act is 17 ratified by a majority of the qualified voters of the state who vote on the question, the amount 18 of $5,000 or as much of that amount as is found necessary is appropriated from the general 19 fund of the state to the state bond committee to carry out the provisions of this Act and to pay 20 expenses incident to the sale and issuance of the bonds authorized in sec. 1 of this Act. The 21 amounts expended from the appropriation authorized by this section shall be reimbursed to 22 the general fund from the proceeds of the sale of the bonds authorized by sec. 1 of 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. The 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 sec. 3 of this Act shall be reimbursed to the fund from the proceeds of the sale 28 of bonds authorized by sec. 1 of 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 sec. 1 of this Act. The 03 amounts expended from the general fund to pay the principal, interest and redemption 04 premium on bonds issued under sec. 1 of this Act shall be reimbursed to the general fund 05 from the appropriation made under this section to the extent that the money is not needed to 06 redeem the bonds. 07 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 08 read: 09 BALLOT PROPOSITION. The question whether the bonds authorized in this Act are 10 to be issued shall be submitted to the qualified voters of the state at the next general election 11 and shall read substantially as follows: 12 P R O P O S I T I O N 13 State General Obligation State Transportation Project Bonds $1,000,000 14 Total Bond Authorization $1,000,000 15 Shall the State of Alaska issue general obligation bonds in the principal 16 amount of not more than $1,000,000 for the purpose of paying the cost of state 17 transportation projects? 18 Bonds Yes [ ] 19 Bonds No [ ] 20 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).