SB 224: "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 BILL NO. 224 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 06 section to read: 07 GENERAL OBLIGATION BONDS. For the purpose of paying the cost of design 08 and construction of state transportation projects, general obligation bonds of the state in the 09 principal amount of not more than $140,000,000, 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 06 for 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 10 amount of $121,100,000 is appropriated from the 2008 transportation project fund to the 11 Department of Transportation and Public Facilities to be allocated among the following 12 projects in the amounts listed subject to reallocation between projects in accordance with 13 AS 37.07.080(e): 14 PROJECT ALLOCATION 15 Anchorage: Connect Anchorage Project $22,100,000 16 (Dowling Road - Old Seward Highway 17 to Minnesota Drive) 18 Anchorage: Connect Anchorage Study (Northern 2,000,000 19 Access to University Medical District Study) 20 Dalton Highway Improvements 14,000,000 21 Kenai Borough Road Projects 8,000,000 22 Nome: Snake River Bridge Replacement 10,000,000 23 Parks Highway: Weight Restriction Elimination 15,000,000 24 Seward Highway: Windy Corner Safety 20,000,000 25 Improvements 26 Southeast Alaska: Pavement Rehabilitation 15,000,000 27 Steese Highway/Johansen Expressway 15,000,000 28 Area Traffic Improvements 29 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 30 read: 31 DEPARTMENT OF COMMERCE, COMMUNITY, AND ECONOMIC
01 DEVELOPMENT. The amount of $10,000,000 is appropriated from the 2008 transportation 02 project fund to the Department of Commerce, Community, and Economic Development to 03 be awarded as a grant under AS 37.05.315 to the Municipality of Anchorage for expansion 04 of the Port of Anchorage. 05 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 06 read: 07 DEPARTMENT OF NATURAL RESOURCES. The amount of $8,900,000 is 08 appropriated from the 2008 transportation project fund to the Department of Natural 09 Resources for the South Denali Access Road Design and Construction project. 10 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 11 read: 12 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority 13 of the qualified voters of the state who vote on the question, the amount of $700,000 or as 14 much of that amount as is found necessary is appropriated from the general fund of the state 15 to the state bond committee to carry out the provisions of this Act and to pay expenses 16 incident to the sale and issuance of the bonds authorized in this Act. The amounts expended 17 from the appropriation authorized by this section shall be reimbursed to the general fund 18 from the proceeds of the sale of the bonds authorized by this Act. 19 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 20 read: 21 ADVANCE PLANNING. The amount withdrawn from the public facility planning 22 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 23 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of 24 bonds authorized by this Act. 25 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section to 26 read: 27 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 28 balance of the appropriations made in secs. 3 - 5 of this Act lapses under AS 37.25.020 and 29 is appropriated to the state bond committee to redeem bonds sold under this Act. The 30 amounts expended from the general fund to pay the principal, interest, and redemption 31 premium on bonds issued under this Act shall be reimbursed to the general fund from the
01 appropriation made under this section to the extent that the money is not needed to redeem 02 the bonds. 03 * Sec. 9. The uncodified law of the State of Alaska is amended by adding a new section to 04 read: 05 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 06 be issued shall be submitted to the qualified voters of the state at the next general election 07 and shall read substantially as follows: 08 P R O P O S I T I O N 09 State General Obligation Transportation Project Bonds 10 $140,000,000 11 Shall the State of Alaska issue its general obligation bonds 12 in the principal amount of not more than $140,000,000 for 13 the purpose of paying the cost of state transportation 14 projects? 15 Bonds Yes [ ] 16 Bonds No [ ] 17 * Sec. 10. This Act takes effect immediately under AS 01.10.070(c).