HB 1005: "An Act providing for and relating to the issuance of general obligation bonds for the purpose of paying the cost of state surface transportation projects; and providing for an effective date."
00 HOUSE BILL NO. 1005 01 "An Act providing for and relating to the issuance of general obligation bonds for the 02 purpose of paying the cost of state surface transportation projects; and providing for an 03 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 surface transportation projects, general obligation bonds of the state in the principal amount of 09 not more than $77,100,000 shall be issued and sold. The full faith, credit, and resources of 10 the state are pledged to the payment of the principal of and interest and redemption premium, 11 if any, on the bonds. The bonds shall be issued under the provisions of AS 37.15 as those 12 provisions read at the time of issuance. 13 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 14 read:
01 SURFACE TRANSPORTATION PROJECT FUND. A special fund of the state to be 02 known as the "surface transportation project fund" shall be established, to which shall be 03 credited the proceeds of the sale of the bonds described in sec. 1 of this Act except for the 04 accrued interest and premiums. 05 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 06 read: 07 SURFACE TRANSPORTATION PROJECTS. (a) The amount of $76,700,000 is 08 appropriated from the surface transportation project fund to the Department of Transportation 09 and Public Facilities to be allocated among the following surface transportation projects in the 10 amounts listed, subject to reallocation between projects in accordance with AS 37.07.080(e): 11 PROJECT ALLOCATION 12 (1) Anchorage - Abbott Loop Road upgrade $15,000,000 13 (Tudor Road to Abbott Road) 14 (2) Anchorage - Lake Otis and Tudor intersection 8,500,000 15 improvements 16 (3) Anchorage - Dowling East Extension 14,600,000 17 (4) Fairbanks - Cowles Street and 21st Avenue upgrade 1,200,000 18 (5) Fairbanks - Van Horn Road - Cushman to Peger 6,100,000 19 (6) North Slope - Bullen Point Road EIS and Design 3,700,000 20 (7) Matanuska - Susitna - Bogard Road East Extension 21 EIS, Design, and Right-of-Way 6,600,000 22 (8) Kenai Peninsula - Area Road Paving 4,000,000 23 (9) Aleknagik- Wood River Bridge Design 1,000,000 24 (10) Sitka - Sawmill Creek Road 1,000,000 25 (11) Southeast Alaska Road Construction 8,000,000 26 (12) Yukon-Kuskokwim Rivers transportation corridor 27 EIS and Design 2,000,000 28 (13) Kodiak - Pasagshak Road paving 1,500,000 29 (14) Noatak Airport to Red Dog Mine Road EIS 30 and Design 3,500,000 31 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to
01 read: 02 STATE BOND COMMITTEE. The amount of $400,000 or as much of that amount 03 as is found necessary is appropriated from the general fund of the state to the state bond 04 committee to carry out the provisions of this Act and to pay expenses incident to the sale and 05 issuance of the bonds authorized in sec. 1 of this Act. The amounts expended from the 06 appropriation authorized by this section shall be reimbursed to the general fund from the 07 proceeds of the sale of the bonds authorized by sec. 1 of this Act. 08 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 09 read: 10 ANNUAL EARNINGS APPROPRIATIONS. The annual earnings on the proceeds of 11 the sale of bonds authorized in sec. 1 of this Act managed by the Department of Revenue may 12 be appropriated for reimbursement to the Department of Revenue for the costs of establishing 13 and managing the funds. 14 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 15 read: 16 ADVANCE PLANNING. The amount withdrawn from the public facility planning 17 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 18 financed under sec. 3 of this Act shall be reimbursed to the fund from the proceeds of the sale 19 of bonds authorized by sec. 1 of this Act. 20 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 21 read: 22 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 23 balance of the appropriation made in sec. 3 of this Act lapses under AS 37.25.020 and is 24 appropriated to the state bond committee to redeem bonds sold under sec. 1 of this Act. The 25 amounts expended from the general fund to pay the principal, interest, and redemption 26 premium on bonds issued under sec. 1 of this Act shall be reimbursed to the general fund 27 from the appropriation made under this section to the extent that the money is not needed to 28 redeem the bonds. 29 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section to 30 read: 31 BALLOT PROPOSITION. The question whether the bonds authorized in this Act are
01 to be issued shall be submitted to the qualified voters of the state at the next general election 02 and shall read substantially as follows: 03 P R O P O S I T I O N 04 State General Obligation State Surface Transportation Project 05 Bonds $77,100,000 06 Shall the State of Alaska issue general obligation bonds in the 07 principal amount of not more than $77,100,000 for the purpose 08 of paying the cost of state surface transportation projects? 09 Bonds Yes [ ] 10 Bonds No [ ] 11 * Sec. 9. Section 8 of this Act takes effect immediately under AS 01.10.070(c). 12 * Sec. 10. Sections 1 - 7 of this Act take effect on the date that the lieutenant governor 13 certifies to the revisor of statutes that 14 (1) a majority of the qualified voters of the state who vote on the question at 15 the 2004 general election affirmatively voted in favor of the 2004 amendments to the 16 Constitution of the State of Alaska relating to and limiting appropriations from the Alaska 17 permanent fund based on an averaged percent of the fund market value; and 18 (2) the issuance of bonds authorized by this Act is ratified by a majority of the 19 qualified voters of the state who vote on the question at the 2004 general election.