CSHB 424(FIN) am: "An Act providing for and relating to the issuance of general obligation bonds for the purpose of paying the cost of design and construction of library, education, and educational research facilities; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 424(FIN) am 01 "An Act providing for and relating to the issuance of general obligation bonds for the 02 purpose of paying the cost of design and construction of library, education, and 03 educational research facilities; 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 and 08 construction of library, education, and educational research facilities, general obligation bonds 09 of the state in the principal amount of not more than $397,200,000, if ratified by a majority of 10 the qualified voters of the state who vote on the question, shall be issued and sold. The full 11 faith, credit, and resources of the state are pledged to the payment of the principal of and 12 interest and redemption premium, if any, on the bonds. The bonds shall be issued under the 13 provisions of AS 37.15 as those provisions read at the time of issuance, except that AS 14 37.15.040 does not apply. The bonds may be issued and sold at a public or negotiated sale in
01 the manner, in the amounts or series, and at the time or times that the state bond committee 02 determines after considering market conditions and structuring alternatives. 03 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 04 read: 05 2010 EDUCATION PROJECT FUND. If the issuance of the bonds is ratified by a 06 majority of the qualified voters of the state who vote on the question, a special fund of the 07 state to be known as the "2010 education project fund" shall be established, to which shall be 08 credited the proceeds of the sale of the bonds described in sec. 1 of this Act except for the 09 accrued interest and premiums. 10 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 11 read: 12 DEPARTMENT OF EDUCATION AND EARLY DEVELOPMENT. The amount of 13 $38,500,000 is appropriated from the 2010 education project fund to the Department of 14 Education and Early Development to be allocated among the following projects in the 15 amounts listed, subject to reallocation between projects in accordance with AS 37.07.080(e): 16 PROJECT AMOUNT 17 (1) Mount Edgecumbe High School aquatic facility $20,000,000 18 (2) State Library, Archives, and Museum facility 18,500,000 19 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 20 read: 21 DEPARTMENT OF EDUCATION AND EARLY DEVELOPMENT. The amount of 22 $128,500,000 is appropriated from the 2010 education project fund to the Department of 23 Education and Early Development to be awarded as grants for design, construction, and major 24 maintenance for the following public school projects, subject to reallocation between projects 25 in accordance with AS 37.07.080(e): 26 PROJECT REAA LOCATION AMOUNT 27 (1) Alakanuk K-12 Lower Yukon $46,500,000 28 school replacement 29 (2) Kipnuk K-12 school Lower Kuskokwim 49,900,000 30 renovation/addition 31 (3) Kwigillingok K-12 Lower Kuskokwim 32,100,000
01 school renovation/addition 02 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 03 read: 04 UNIVERSITY OF ALASKA. The amount of $207,000,000 is appropriated from the 05 2010 education project fund to the University of Alaska for the following projects, subject to 06 reallocation between projects in accordance with AS 37.07.080(e): 07 PROJECT LOCATION AMOUNT 08 (1) Valley center for art Mat-Su campus $23,500,000 09 and learning 10 (2) Community arena UA-Anchorage 60,000,000 11 and athletic facility 12 (3) Life science classroom UA-Fairbanks 88,000,000 13 and laboratory facility 14 (4) Student housing Kenai campus 16,000,000 15 (5) Career and technical Kenai campus 14,500,000 16 education center 17 (6) Campus renovation and Prince William Sound 5,000,000 18 renewal Community College 19 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 20 read: 21 DEPARTMENT OF FISH AND GAME. The amount of $20,000,000 is appropriated 22 from the 2010 education project fund to the Department of Fish and Game for the Near Island 23 research facility. 24 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 25 read: 26 DEPARTMENT OF COMMERCE, COMMUNITY, AND ECONOMIC 27 DEVELOPMENT. The amount of $3,200,000 is appropriated from the 2010 education 28 project fund to the Department of Commerce, Community, and Economic Development for 29 payment of a grant under AS 37.05.315 to the City of Klawock for the Prince of Wales Island 30 vocational education center. 31 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section to
01 read: 02 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority of 03 the qualified voters of the state who vote on the question, the amount of $4,766,400 or as 04 much of that amount as is found necessary is appropriated from the general fund of the state 05 to the state bond committee to carry out the provisions of this Act and to pay expenses 06 incident to the sale and issuance of the bonds authorized in this Act. The amounts expended 07 from the appropriation authorized by this section shall be reimbursed to the general fund from 08 the proceeds of the sale of the bonds authorized by this Act. 09 * Sec. 9. The uncodified law of the State of Alaska is amended by adding a new section to 10 read: 11 ADVANCE PLANNING. The amount withdrawn from the public facility planning 12 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 13 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds 14 authorized by this Act. 15 * Sec. 10. The uncodified law of the State of Alaska is amended by adding a new section to 16 read: 17 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 18 balances of the appropriations made in secs. 3 - 7 of this Act lapse under AS 37.25.020 and 19 are appropriated to the state bond committee to redeem bonds sold under this Act. The 20 amounts expended from the general fund to pay the principal, interest, and redemption 21 premium on bonds issued under this Act shall be reimbursed to the general fund from the 22 appropriation made under this section to the extent that the money is not needed to redeem the 23 bonds. 24 * Sec. 11. The uncodified law of the State of Alaska is amended by adding a new section to 25 read: 26 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 27 be issued shall be submitted to the qualified voters of the state at the next general election and 28 shall read substantially as follows: 29 P R O P O S I T I O N 30 State General Obligation $397,200,000 31 Library, Education, and Educational
01 Research Facilities Bonds 02 Shall the State of Alaska issue its general obligation bonds in the principal 03 amount of not more than $397,200,000 for the purpose of design and 04 construction of library, education, and educational research facilities? 05 Bonds Yes [ ] 06 Bonds No [ ] 07 * Sec. 12. This Act takes effect immediately under AS 01.10.070(c).