SCS CSHB 561(CRA): "An Act providing for and relating to the issuance of general obligation bonds in a principal amount of not more than $88,555,000 for the purpose of paying the cost of state transportation projects; and providing for an effective date."
00 SENATE CS FOR CS FOR HOUSE BILL NO. 561(CRA) 01 "An Act providing for and relating to the issuance of general obligation bonds in a 02 principal amount of not more than $88,555,000 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 $88,555,000, 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. 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. The amount of $88,555,000 is 10 appropriated from the transportation project fund to the Department of Transportation and 11 Public Facilities to be allocated among the following transportation projects in the amounts 12 listed subject to reallocation between projects in accordance with AS 37.07.080(e): 13 PROJECT ALLOCATION 14 Federal earmark match for state highway system $5,000,000 15 projects 16 Anchorage - Abbott Loop Road upgrade (68th Avenue 11,000,000 17 to Abbott Road) 18 Anchorage - Lake Otis and Tudor intersection 8,500,000 19 improvements 20 Chugiak Birchwood Eagle River rural road service 700,000 21 area - road and drainage 22 rehabilitation 23 Glenn Highway lighting - Artillery Road overpass - 330,000 24 South Birchwood 25 Matanuska - Susitna - Bogard Road extension East 6,600,000 26 Matanuska - Susitna - Trunk Road hospital access 1,000,000 27 Kenai - Sterling Highway Kasilof River safety area 4,000,000 28 improvements 29 Kenai Borough - road improvements 2,000,000 30 City of Kenai - road improvements 1,000,000 31 Fairbanks - Parks Highway rehabilitation (Ester to Fairbanks) 7,500,000
01 improvements 02 Fairbanks - Cowles Road upgrade 1,200,000 03 Sitka - Old Thomsen Harbor renovation 2,500,000 04 Juneau - areawide transportation improvements 2,300,000 05 Ketchikan - Thomas Basin Harbor, Ryus float, Bar 2,650,000 06 Harbor North, Hole-in-the-Wall Harbor, Knudson Cove 07 harbor renovations 08 Ketchikan Gateway Borough - road and pedestrian 500,000 09 improvements 10 City of Ketchikan - road and pedestrian improvements 500,000 11 Kodiak Island Borough - airport terminal acquisition and 1,000,000 12 reconstruction 13 Port Lions - public dock replacement 500,000 14 Nome - city streets improvements 1,650,000 15 Kotzebue and Noatak - road and facility 1,400,000 16 maintenance and equipment 17 Petersburg - Middle Harbor renovation 2,200,000 18 Wrangell - Heritage Harbor construction 1,400,000 19 Valdez - harbor deferred maintenance 1,000,000 20 Homer - deep water dock corrosion 450,000 21 Chignik - public dock project 1,000,000 22 Adak - small boat harbor expansion 3,000,000 23 Whittier - harbor renovation 1,500,000 24 Statewide harbor deferred maintenance 4,800,000 25 Anchorage - Jewel Lake Road and Strawberry 2,000,000 26 Road Signalization 27 Donlin Creek - Crooked Creek/Donlin Creek 2,000,000 28 access road 29 Anchorage - Dowling Road upgrade (Laurel Street to 3,100,000 30 Abbott Loop Road) 31 City of Seward - travel lift replacement 275,000
01 and dock rebuild 02 City of Soldotna - road improvements 500,000 03 Wrangell - Bradfield Canal Road planning and design 500,000 04 Sitka - Overlay Halibut Point Road 1,000,000 05 Southeast regional freight consolidation and 2,000,000 06 cold storage construction 07 Total $88,555,000 08 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 09 read: 10 STATE BOND COMMITTEE. If the issuance of the bonds under sec. 1 of this Act is 11 ratified by a majority of the qualified voters of the state who vote on the question, the amount 12 of $442,775 or as much of that amount as is found necessary is appropriated from the general 13 fund of the state to the state bond committee to carry out the provisions of this Act and to pay 14 expenses incident to the sale and issuance of the bonds authorized in sec. 1 of this Act. The 15 amounts expended from the appropriation authorized by this section shall be reimbursed to 16 the general fund from the proceeds of the sale of the bonds authorized by sec. 1 of this Act. 17 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 18 read: 19 ADVANCE PLANNING. The amount withdrawn from the public facility planning 20 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 21 financed under sec. 3 of this Act shall be reimbursed to the fund from the proceeds of the sale 22 of bonds authorized by sec. 1 of this Act. 23 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 24 read: 25 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 26 balance of the appropriation made in sec. 3 of this Act lapses under AS 37.25.020 and is 27 appropriated to the state bond committee to redeem bonds sold under sec. 1 of this Act. The 28 amounts expended from the general fund to pay the principal, interest and redemption 29 premium on bonds issued under sec. 1 of this Act shall be reimbursed to the general fund 30 from the appropriation made under this section to the extent that the money is not needed to 31 redeem the bonds.
01 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 02 read: 03 BALLOT PROPOSITION. The question whether the bonds authorized in this Act are 04 to be issued shall be submitted to the qualified voters of the state at the next general election 05 and shall read substantially as follows: 06 P R O P O S I T I O N 07 State General Obligation State Transportation Project Bonds $88,555,000 08 Total Bond Authorization $88,555,000 09 Shall the State of Alaska issue general obligation bonds in the principal 10 amount of not more than $88,555,000 for the purpose of paying the cost of 11 state transportation projects? 12 Bonds Yes [ ] 13 Bonds No [ ] 14 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).