Enrolled HB 373: Relating to school construction and maintenance grants; extending specified public school bond debt reimbursement; and providing for an effective date.
00Enrolled HB 373 01 Relating to school construction and maintenance grants; extending specified public school 02 bond debt reimbursement; and providing for an effective date. 03 _______________ 04 * Section 1. AS 14.11.008(b) is amended to read: 05 (b) The required participating share for a municipal school district is based on 06 the district's full value per average daily membership (ADM), which is calculated by 07 dividing the full and true value of the taxable real and personal property in the district, 08 calculated as described in AS 14.17.510 by the district ADM as defined in 09 AS 14.17.990, for the same fiscal year for which the valuation was made. The 10 municipal district's full value per ADM determines the district's required participating 11 share, as follows: 12 Full Value Per ADM District Participating Share 13 $1 - $150,000 [$1 - $100,000] 5 percent 14 150,001 - 275,000 [100,001 - 200,000] 10 percent
01 275,001 - 800,000 [200,001 - 600,000] 30 percent 02 over 800,000 [OVER 600,000] 35 percent. 03 * Sec. 2. AS 14.11.100(a) is amended to read: 04 (a) During each fiscal year, the state shall allocate to a municipality that is a 05 school district the following sums: 06 (1) payments made by the municipality during the fiscal year two years 07 earlier for the retirement of principal and interest on outstanding bonds, notes, or other 08 indebtedness incurred before July 1, 1977, to pay costs of school construction; 09 (2) 90 percent of 10 (A) payments made by the municipality during the fiscal year 11 two years earlier for the retirement of principal and interest on outstanding 12 bonds, notes, or other indebtedness incurred after June 30, 1977, and before 13 July 1, 1978, to pay costs of school construction; 14 (B) cash payments made after June 30, 1976, and before July 1, 15 1978, by the municipality during the fiscal year two years earlier to pay costs 16 of school construction; 17 (3) 90 percent of 18 (A) payments made by the municipality during the fiscal year 19 two years earlier for the retirement of principal and interest on outstanding 20 bonds, notes, or other indebtedness incurred after June 30, 1978, and before 21 January 1, 1982, to pay costs of school construction projects approved under 22 AS 14.07.020(a)(11); 23 (B) cash payments made after June 30, 1978, and before July 1, 24 1982, by the municipality during the fiscal year two years earlier to pay costs 25 of school construction projects approved under AS 14.07.020(a)(11); 26 (4) subject to (h) and (i) of this section, up to 90 percent of 27 (A) payments made by the municipality during the current 28 fiscal year for the retirement of principal and interest on outstanding bonds, 29 notes, or other indebtedness incurred after December 31, 1981, and authorized 30 by the qualified voters of the municipality before July 1, 1983, to pay costs of 31 school construction, additions to schools, and major rehabilitation projects that
01 exceed $25,000 and are approved under AS 14.07.020(a)(11); 02 (B) cash payments made after June 30, 1982, and before July 1, 03 1983, by the municipality during the fiscal year two years earlier to pay costs 04 of school construction, additions to schools, and major rehabilitation projects 05 that exceed $25,000 and are approved under AS 14.07.020(a)(11); and 06 (C) payments made by the municipality during the current 07 fiscal year for the retirement of principal and interest on outstanding bonds, 08 notes, or other indebtedness to pay costs of school construction, additions to 09 schools, and major rehabilitation projects that exceed $25,000 and are 10 submitted to the department for approval under AS 14.07.020(a)(11) before 11 July 1, 1983, and approved by the qualified voters of the municipality before 12 October 15, 1983, not to exceed a total project cost of (i) $6,600,000 if the 13 annual growth rate of average daily membership of the municipality is more 14 than seven percent but less than 12 percent, or (ii) $20,000,000 if the annual 15 growth rate of average daily membership of the municipality is 12 percent or 16 more; payments made by a municipality under this subparagraph on total 17 project costs that exceed the amounts set out in (i) and (ii) of this subparagraph 18 are subject to (5)(A) of this subsection; 19 (5) subject to (h) - (j) of this section, 80 percent of 20 (A) payments made by the municipality during the fiscal year 21 for the retirement of principal and interest on outstanding bonds, notes, or 22 other indebtedness authorized by the qualified voters of the municipality 23 (i) after June 30, 1983, but before March 31, 1990, to 24 pay costs of school construction, additions to schools, and major 25 rehabilitation projects that exceed $25,000 and are approved under 26 AS 14.07.020(a)(11); or 27 (ii) before July 1, 1989, and reauthorized before 28 November 1, 1989, to pay costs of school construction, additions to 29 schools, and major rehabilitation projects that exceed $25,000 and are 30 approved under AS 14.07.020(a)(11); and 31 (B) cash payments made after June 30, 1983, by the
01 municipality during the fiscal year two years earlier to pay costs of school 02 construction, additions to schools, and major rehabilitation projects that exceed 03 $25,000 and are approved by the department before July 1, 1990, under 04 AS 14.07.020(a)(11); 05 (6) subject to (h) - (j) and (m) of this section, 70 percent of payments 06 made by the municipality during the fiscal year for the retirement of principal and 07 interest on outstanding bonds, notes, or other indebtedness authorized by the qualified 08 voters of the municipality on or after April 30, 1993, but before July 1, 1996, to pay 09 costs of school construction, additions to schools, and major rehabilitation projects 10 that exceed $200,000 and are approved under AS 14.07.020(a)(11); 11 (7) subject to (h) - (j) and (m) of this section, 70 percent of payments 12 made by the municipality during the fiscal year for the retirement of principal and 13 interest on outstanding bonds, notes, or other indebtedness authorized by the qualified 14 voters of the municipality after March 31, 1990, but before April 30, 1993, to pay 15 costs of school construction, additions to schools, and major rehabilitation projects; 16 (8) subject to (h), (i), (j)(2) - (5), and (n) of this section and after 17 projects funded by the bonds, notes, or other indebtedness have been approved by the 18 commissioner, 70 percent of payments made by the municipality during the fiscal year 19 for the retirement of principal and interest on outstanding bonds, notes, or other 20 indebtedness authorized by the qualified voters of the municipality on or after July 1, 21 1995, but before July 1, 1998, to pay costs of school construction, additions to 22 schools, and major rehabilitation projects that exceed $200,000 and are approved 23 under AS 14.07.020(a)(11); 24 (9) subject to (h), (i), (j)(2) - (5), and (n) of this section and after 25 projects funded by the bonds, notes, or other indebtedness have been approved by the 26 commissioner, 70 percent of payments made by the municipality during the fiscal year 27 for the retirement of principal and interest on outstanding bonds, notes, or other 28 indebtedness authorized by the qualified voters of the municipality on or after July 1, 29 1998, but before July 1, 2006, to pay costs of school construction, additions to 30 schools, and major rehabilitation projects that exceed $200,000 and are approved 31 under AS 14.07.020(a)(11);
01 (10) subject to (h), (i), (j)(2) - (5), and (o) of this section, and after 02 projects funded by the bonds, notes, or other indebtedness have been approved by the 03 commissioner, 70 percent of payments made by the municipality during the fiscal year 04 for the retirement of principal and interest on outstanding bonds, notes, or other 05 indebtedness authorized by the qualified voters of the municipality on or after June 30, 06 1998, to pay costs of school construction, additions to schools, and major 07 rehabilitation projects that exceed $200,000, are approved under AS 14.07.020(a)(11), 08 and are not reimbursed under (n) of this section; 09 (11) subject to (h), (i), and (j)(2) - (5) of this section, and after projects 10 funded by the bonds, notes, or other indebtedness have been approved by the 11 commissioner, 70 percent of payments made by a municipality during the fiscal year 12 for the retirement of principal and interest on outstanding bonds, notes, or other 13 indebtedness authorized by the qualified voters of the municipality on or after June 30, 14 1999, but before January 1, 2005, to pay costs of school construction, additions to 15 schools, and major rehabilitation projects and education-related facilities that exceed 16 $200,000, are approved under AS 14.07.020(a)(11), and are not reimbursed under (n) 17 or (o) of this section; 18 (12) subject to (h), (i), and (j)(2), (3), and (5) of this section, 60 percent 19 of payments made by a municipality during the fiscal year for the retirement of 20 principal and interest on outstanding bonds, notes, or other indebtedness authorized by 21 the qualified voters of the municipality on or after June 30, 1999, but before January 1, 22 2005, to pay costs of school construction, additions to schools, and major 23 rehabilitation projects and education-related facilities that exceed $200,000, are 24 reviewed under AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this 25 section; 26 (13) subject to (h), (i), (j)(2) - (5), and (p) of this section, and after 27 projects funded by the tax exempt bonds, notes, or other indebtedness have been 28 approved by the commissioner, 70 percent of payments made by a municipality during 29 the fiscal year for the retirement of principal and interest on outstanding tax exempt 30 bonds, notes, or other indebtedness authorized by the qualified voters of the 31 municipality on or after June 30, 1999, but before October 31, 2006, to pay costs of
01 school construction, additions to schools, and major rehabilitation projects and 02 education-related facilities that exceed $200,000, are approved under 03 AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this section; 04 (14) subject to (h), (i), (j)(2), (3), and (5), and (p) of this section, 60 05 percent of payments made by a municipality during the fiscal year for the retirement 06 of principal and interest on outstanding tax exempt bonds, notes, or other indebtedness 07 authorized by the qualified voters of the municipality on or after June 30, 1999, but 08 before October 31, 2006, to pay costs of school construction, additions to schools, and 09 major rehabilitation projects and education-related facilities that exceed $200,000, are 10 reviewed under AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this 11 section; 12 (15) subject to (h), (i), (j)(2) - (5), and (q) of this section, and after 13 projects funded by the bonds, notes, or other indebtedness have been approved by the 14 commissioner, 90 percent of payments made by a municipality during the fiscal year 15 for the retirement of principal and interest on outstanding bonds, notes, or other 16 indebtedness authorized by the qualified voters of the municipality on or after June 30, 17 1999, but before October 31, 2006, to pay costs of school construction, additions to 18 schools, and major rehabilitation projects and education-related facilities that exceed 19 $200,000, are approved under AS 14.07.020(a)(11), meet the 10 percent participating 20 share requirement for a municipal school district under AS 14.11.008(b), and are not 21 reimbursed under (n) or (o) of this section; 22 (16) subject to (h), (i), and (j)(2) - (5) of this section, and after projects 23 funded by the tax exempt bonds, notes, or other indebtedness have been approved by 24 the commissioner, 70 percent of payments made by a municipality during the fiscal 25 year for the retirement of principal and interest on outstanding tax exempt bonds, 26 notes, or other indebtedness authorized by the qualified voters of the municipality on 27 or after October 1, 2006, but before November 30, 2010 [2008], to pay costs of school 28 construction, additions to schools, and major rehabilitation projects and education- 29 related facilities that exceed $200,000, are approved under AS 14.07.020(a)(11), and 30 are not reimbursed under (o) of this section; 31 (17) subject to (h), (i), and (j)(2), (3), and (5) of this section, 60 percent
01 of payments made by a municipality during the fiscal year for the retirement of 02 principal and interest on outstanding tax exempt bonds, notes, or other indebtedness 03 authorized by the qualified voters of the municipality on or after October 1, 2006, but 04 before November 30, 2010 [2008], to pay costs of school construction, additions to 05 schools, and major rehabilitation projects and education-related facilities that exceed 06 $200,000, are reviewed under AS 14.07.020(a)(11), and are not reimbursed under (o) 07 of this section. 08 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).