SCS 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 SENATE CS FOR 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 $315,050,000, 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 $271,700,000 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 Sawmill Creek Road Upgrade Phase III $10,800,000 15 with Separated Pedestrian Path - 16 Whale Park to Sawmill Creek 17 Mitkof Highway - Scow Bay to Crystal Lake 7,000,000 18 Hatchery Road: Pavement Rehabilitation 19 and Drainage Improvements 20 Glacier Highway - Back Loop Road: 5,000,000 21 Intersection Safety Improvements 22 North Tongass Highway - Ward Cove 8,900,000 23 to Refuge Cove: Pavement Rehabilitation 24 and Drainage Improvements 25 Aleknagik - Wood River Bridge 20,000,000 26 Fairbanks - University Avenue Widening 30,000,000 27 Anchorage: Connect Anchorage 22,100,000 28 Project (Dowling Road - Old 29 Seward Highway to Minnesota 30 Drive) 31 Dalton Highway Improvements 14,000,000
01 Kenai Peninsula Borough Road Projects 8,000,000 02 Nome: Snake River Bridge Replacement 10,000,000 03 Parks Highway: Weight Restriction Elimination 15,000,000 04 Seward Highway: Windy Corner Safety 20,000,000 05 Improvements 06 Steese Highway/Johansen Expressway 15,000,000 07 Area Traffic Improvements 08 Sterling Highway: Mackey Lake Road to Sterling 11,000,000 09 Rehabilitation 10 Glenn Highway: MP 181 to 189 Tolsona Lake Road to 13,000,000 11 Richardson Highway Junction Rehabilitate and 12 Resurface, including Bikeway 13 Craig-Klawock Highway: Resurfacing of Craig- 4,800,000 14 Klawock Section 15 Copper River Highway: Mile 38 - 43 Highway Protection 5,100,000 16 Ketchikan: Harriet Hunt Lake to Shelter Cove, 10,000,000 17 Road Construction 18 Fairview Loop Road Reconstruction 22,000,000 19 Statewide: Emergency Bridge Repair 20,000,000 20 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 21 read: 22 DEPARTMENT OF COMMERCE, COMMUNITY, AND ECONOMIC 23 DEVELOPMENT. The amount of $43,350,000 is appropriated from the 2008 transportation 24 project fund to the Department of Commerce, Community, and Economic Development to be 25 awarded as grants under AS 37.05.315 to recipients for projects as follows: 26 RECIPIENT PROJECT AMOUNT 27 Municipality of Anchorage Expansion of the $10,000,000 28 Port of Anchorage 29 Municipality of Anchorage Victor Road - Dimond 14,000,000 30 Boulevard to 100th 31 Avenue upgrade
01 City of Wrangell Heritage Harbor reconstruction 5,000,000 02 phase II 03 City of Bethel Road repairs and upgrades 2,500,000 04 Kodiak Island Borough Road service area 2,500,000 05 rehabilitation and paving 06 City of Ouzinkie Dock replacement 2,850,000 07 City of Old Harbor Dock replacement 4,000,000 08 City of Emmonak Road improvements 2,500,000 09 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 10 read: 11 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority of 12 the qualified voters of the state who vote on the question, the amount of $1,575,250 or as 13 much of that amount as is found necessary is appropriated from the general fund of the state 14 to the state bond committee to carry out the provisions of this Act and to pay expenses 15 incident to the sale and issuance of the bonds authorized in this Act. The amounts expended 16 from the appropriation authorized by this section shall be reimbursed to the general fund from 17 the proceeds of the sale of the bonds authorized by this Act. 18 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 19 read: 20 ADVANCE PLANNING. The amount withdrawn from the public facility planning 21 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 22 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds 23 authorized by this Act. 24 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 25 read: 26 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 27 balances of the appropriations made in secs. 3 and 4 of this Act lapse under AS 37.25.020 and 28 are appropriated to the state bond committee to redeem bonds sold under this Act. The 29 amounts expended from the general fund to pay the principal, interest, and redemption 30 premium on bonds issued under this Act shall be reimbursed to the general fund from the 31 appropriation made under this section to the extent that the money is not needed to redeem the
01 bonds. 02 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section to 03 read: 04 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 05 be issued shall be submitted to the qualified voters of the state at the next general election and 06 shall read substantially as follows: 07 P R O P O S I T I O N 08 State General Obligation $315,050,000 09 Transportation Project Bonds 10 Shall the State of Alaska issue its general obligation bonds in 11 the principal amount of not more than $315,050,000 for the 12 purpose of paying the cost of state transportation projects? 13 Bonds Yes [ ] 14 Bonds No [ ] 15 * Sec. 9. This Act takes effect immediately under AS 01.10.070(c).