CSHB 314(FIN): "An Act providing for and relating to the issuance of general obligation bonds for the purpose of paying the cost of state transportation projects; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 314(FIN) 01 "An Act providing for and relating to the issuance of general obligation bonds for the 02 purpose of paying the cost of state 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 design and 08 construction of state transportation projects, general obligation bonds of the state in the 09 principal amount of not more than $220,600,000, if ratified by a majority of the qualified 10 voters of the state who vote on the question, shall be issued and sold. The full faith, credit, 11 and resources of the state are pledged to the payment of the principal of and interest and 12 redemption premium, if any, on the bonds. The bonds shall be issued under the provisions of 13 AS 37.15 as those provisions 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 2008 TRANSPORTATION PROJECT FUND. If the issuance of the bonds is ratified 03 by a majority of the qualified voters of the state who vote on the question, a special fund of 04 the state to be known as the "2008 transportation project fund" shall be established, to which 05 shall be credited the proceeds of the sale of the bonds described in sec. 1 of this Act except for 06 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 DEPARTMENT OF TRANSPORTATION AND PUBLIC FACILITIES. The amount 10 of $196,600,000 is appropriated from the 2008 transportation project fund to the Department 11 of Transportation and Public Facilities to be allocated among the following projects in the 12 amounts listed subject to reallocation between projects in accordance with AS 37.07.080(e): 13 PROJECT AMOUNT 14 Anchorage: Connect Anchorage $22,100,000 15 Project (Dowling Road - Old 16 Seward Highway to Minnesota 17 Drive) 18 Dalton Highway Improvements 14,000,000 19 Kenai Peninsula Borough Road Projects 8,000,000 20 Nome: Snake River Bridge Replacement 10,000,000 21 Parks Highway: Weight Restriction Elimination 15,000,000 22 Seward Highway: Windy Corner Safety 20,000,000 23 Improvements 24 Steese Highway/Johansen Expressway 15,000,000 25 Area Traffic Improvements 26 Sterling Highway: Mackey Lake Road to Sterling 11,000,000 27 Pavement Rehabilitation 28 Glenn Highway: MP 181 to 189 Tolsona Lake Road to 13,000,000 29 Richardson Highway Junction Rehabilitate and 30 Resurface, including Bikeway 31 Mertarvik: Access Road, Evacuation Center and 3,300,000
01 Barge Staging Area Construction 02 Kivalina: Community Roads Protection 3,300,000 03 Craig-Klawock-Hollis Highway: Resurfacing of Craig- 4,800,000 04 Klawock Section 05 Copper River Highway: Mile 38 - 43 Highway Protection 5,100,000 06 Ketchikan Gateway Borough: Harriet Hunt Lake to 10,000,000 07 Shelter Cove, Road Construction 08 Matanuska-Susitna Borough: Fairview Loop Road 22,000,000 09 Reconstruction 10 Statewide: Emergency Bridge Repair 20,000,000 11 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 12 read: 13 DEPARTMENT OF COMMERCE, COMMUNITY, AND ECONOMIC 14 DEVELOPMENT. (a) The amount of $10,000,000 is appropriated from the 2008 15 transportation project fund to the Department of Commerce, Community, and Economic 16 Development to be awarded as a grant under AS 37.05.315 to the Municipality of Anchorage 17 for expansion of the Port of Anchorage. 18 (b) The amount of $14,000,000 is appropriated from the 2008 transportation project 19 fund to the Department of Commerce, Community, and Economic Development to be 20 awarded as a grant under AS 37.05.315 to the Municipality of Anchorage for the Victor Road- 21 Dimond Boulevard to 100th Avenue upgrade. 22 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 23 read: 24 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority of 25 the qualified voters of the state who vote on the question, the amount of $1,103,000 or as 26 much of that amount as is found necessary is appropriated from the general fund of the state 27 to the state bond committee to carry out the provisions of this Act and to pay expenses 28 incident to the sale and issuance of the bonds authorized in this Act. The amounts expended 29 from the appropriation authorized by this section shall be reimbursed to the general fund from 30 the proceeds of the sale of the bonds authorized by this Act. 31 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to
01 read: 02 ADVANCE PLANNING. The amount withdrawn from the public facility planning 03 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 04 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds 05 authorized by this Act. 06 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 07 read: 08 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 09 balances of the appropriations made in secs. 3 and 4 of this Act lapse under AS 37.25.020 and 10 are appropriated to the state bond committee to redeem bonds sold under this Act. The 11 amounts expended from the general fund to pay the principal, interest, and redemption 12 premium on bonds issued under this Act shall be reimbursed to the general fund from the 13 appropriation made under this section to the extent that the money is not needed to redeem the 14 bonds. 15 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section to 16 read: 17 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 18 be issued shall be submitted to the qualified voters of the state at the next general election and 19 shall read substantially as follows: 20 P R O P O S I T I O N 21 State General Obligation $220,600,000 22 Transportation Project Bonds 23 Shall the State of Alaska issue its general obligation bonds in 24 the principal amount of not more than $220,600,000 for the 25 purpose of paying the cost of state transportation projects? 26 Bonds Yes [ ] 27 Bonds No [ ] 28 * Sec. 9. This Act takes effect immediately under AS 01.10.070(c).