SB 1004: "An Act providing for and relating to the issuance of general obligation bonds for the purpose of paying the cost of design, construction, and major maintenance of facilities at the University of Alaska; and providing for an effective date."
00 SENATE BILL NO. 1004 01 "An Act providing for and relating to the issuance of general obligation bonds for the 02 purpose of paying the cost of design, construction, and major maintenance of facilities at 03 the University of Alaska; 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 design, 08 construction, and major maintenance of facilities at the University of Alaska, general 09 obligation bonds of the state in the principal amount of not more than $39,304,000, shall be 10 issued and sold. The full faith, credit, and resources of the state are pledged to the payment of 11 the principal of and interest and redemption premium, if any, on the bonds. The bonds shall 12 be issued under the provisions of AS 37.15 as those 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 2004 UNIVERSITY OF ALASKA FACILITIES DESIGN, CONSTRUCTION, AND 02 MAJOR MAINTENANCE FUND. A special fund of the state to be known as the "2004 03 University of Alaska facilities design, construction, and major maintenance fund" shall be 04 established, to which shall be credited the proceeds of the sale of the bonds described in sec. 1 05 of this Act except for the accrued interest and premiums. 06 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 07 read: 08 UNIVERSITY OF ALASKA. The amount of $38,904,000 is appropriated from the 09 2004 University of Alaska facilities design, construction, and major maintenance fund to the 10 University of Alaska to be allocated among the following projects in the amounts listed, 11 subject to reallocation between projects in accordance with AS 37.07.080(e): 12 PROJECT LOCATION AMOUNT 13 (1) Integrated Science Facility Anchorage $9,500,000 14 construction 15 (2) School of Fisheries and Juneau 7,000,000 16 Ocean Science research 17 facility design and 18 construction 19 (3) Biological and Fairbanks 12,000,000 20 Computational Science 21 research facility design 22 and construction 23 (4) Safety code and Americans Statewide 2,941,000 24 with Disabilities Act 25 improvements 26 (5) Lucy Cuddy Center upgrade Anchorage 1,000,000 27 and renewal 28 (6) Bristol Bay classroom Dillingham 1,000,000 29 expansion construction 30 (7) Paul/Ziegler classroom Ketchikan 500,000 31 renovation
01 (8) Sitka campus improvements Sitka 250,000 02 (9) Tanana Valley campus Fairbanks 1,000,000 03 classroom expansion 04 and renovation 05 (10) Hendrickson Building Juneau 1,213,000 06 renovations 07 (11) Homer campus new facility Homer 500,000 08 classroom construction 09 (12) Prince William Sound Valdez 1,000,000 10 facilities classroom 11 construction 12 (13) Additional Rural Campus Systemwide 1,000,000 13 needs 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. The amount of $400,000 or as much of that amount 17 as is found necessary is appropriated from the general fund of the state to the state bond 18 committee to carry out the provisions of this Act and to pay expenses incident to the sale and 19 issuance of the bonds authorized in this Act. The amounts expended from the appropriation 20 authorized by this section shall be reimbursed to the general fund from the proceeds of the 21 sale of the bonds authorized by this Act. 22 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 23 read: 24 ANNUAL EARNINGS APPROPRIATIONS. The annual earnings on the proceeds of 25 the sale of bonds authorized in sec. 1 of this Act managed by the Department of Revenue may 26 be appropriated for reimbursement to the Department of Revenue for the costs of establishing 27 and managing the funds. 28 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 29 read: 30 ADVANCE PLANNING. The amount withdrawn from the public facility planning 31 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements
01 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds 02 authorized by this Act. 03 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 04 read: 05 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 06 balance of the appropriation made in sec. 3 of this Act lapses under AS 37.25.020 and is 07 appropriated to the state bond committee to redeem bonds sold under this Act. The amounts 08 expended from the general fund to pay the principal, interest, and redemption premium on 09 bonds issued under this Act shall be reimbursed to the general fund from the appropriation 10 made under this section to the extent that the money is not needed to redeem the bonds. 11 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section to 12 read: 13 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 14 be issued shall be submitted to the qualified voters of the state at the next general election and 15 shall read substantially as follows: 16 P R O P O S I T I O N 17 State General Obligation University of Alaska Facilities $39,304,000 18 Design, Construction, and Major Maintenance Bonds 19 Shall the State of Alaska issue its general obligation bonds in the principal 20 amount of not more than $39,304,000 for the purpose of paying the cost of 21 design, construction, and major maintenance of facilities at the University of 22 Alaska? 23 Bonds Yes [ ] 24 Bonds No [ ] 25 * Sec. 9. Section 8 of this Act takes effect immediately under AS 01.10.070(c). 26 * Sec. 10. Sections 1 - 7 of this Act take effect on the date that the lieutenant governor 27 certifies to the revisor of statutes that 28 (1) a majority of the qualified voters of the state who vote on the question at 29 the 2004 general election affirmatively voted in favor of the 2004 amendments to the 30 Constitution of the State of Alaska relating to and limiting appropriations from the Alaska 31 permanent fund based on an averaged percent of the fund market value; and
01 (2) the issuance of bonds authorized by this Act is ratified by a majority of the 02 qualified voters of the state who vote on the question at the 2004 general election.