HB 426: "An Act providing for, relating to, and approving the issuance of certificates of participation for the construction, acquisition, and equipping of the Alaska Scientific Crime Detection Laboratory in Anchorage; providing notice of and authorizing the commissioner of the Department of Administration to enter into a lease-purchase agreement with the Department of Public Safety for the Alaska Scientific Crime Detection Laboratory; and providing for an effective date."
00 HOUSE BILL NO. 426 01 "An Act providing for, relating to, and approving the issuance of certificates of 02 participation for the construction, acquisition, and equipping of the Alaska Scientific 03 Crime Detection Laboratory in Anchorage; providing notice of and authorizing the 04 commissioner of the Department of Administration to enter into a lease-purchase 05 agreement with the Department of Public Safety for the Alaska Scientific Crime 06 Detection Laboratory; and providing for an effective date." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 09 * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 10 to read: 11 INTENT. It is the intent of the legislature to finance the construction, acquisition, and 12 equipping of a new facility in Anchorage to be known as the Alaska Scientific Crime 13 Detection Laboratory with the issuance of certificates of participation in the amount of
01 $75,750,000 under sec. 3 of this Act. It is the intent of the legislature that money previously 02 appropriated for this project be used to finance the design of this project. 03 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 04 read: 05 LEASE-PURCHASE PAYMENTS. The lease-purchase payments owed under a lease- 06 purchase agreement executed under sec. 3 of this Act are subject to annual appropriation by 07 the legislature. 08 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 09 read: 10 NOTICE OF ENTRY INTO AND FINANCING OF LEASE-PURCHASE 11 AGREEMENT: ALASKA SCIENTIFIC CRIME DETECTION LABORATORY. (a) Subject 12 to annual appropriation, the Department of Public Safety is authorized to enter into a lease- 13 purchase agreement for a facility in Anchorage to be known as the Alaska Scientific Crime 14 Detection Laboratory. 15 (b) The state bond committee is authorized to provide for the issuance of certificates 16 of participation in one or more series in the aggregate principal amount of $75,750,000 for the 17 construction, acquisition, and equipping of a facility to be known as the Alaska Scientific 18 Crime Detection Laboratory. The estimated total cost of construction, acquisition, and 19 equipping of the project is $75,750,000, including credit enhancement and underwriting 20 expenses, rating agency fees, bond counsel fees, financial advisor fees, printing fees, 21 advertising fees, capitalized interest, and interest earnings used for lease payments. The 22 estimated annual amount of rental obligations under the lease-purchase agreement is 23 $5,600,000. The estimated total of lease payments for the full term of the lease-purchase 24 agreement is $112,000,000. 25 (c) Under terms approved by the Department of Public Safety, upon the payment of 26 all principal and interest payments under the certificates of participation, title to the new 27 facility known as the Alaska Scientific Crime Detection Laboratory shall vest in the State of 28 Alaska. 29 (d) The state bond committee may contract for credit enhancement, underwriting, 30 credit ratings, bond counsel, financial advisor, printing, advertising, and trustee services that 31 the committee considers necessary in financing the project described in this section.
01 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 02 read: 03 LEGISLATIVE APPROVAL. Section 3 of this Act constitutes the notice and 04 approval of a lease-purchase agreement required by AS 36.30.085. 05 * Sec. 5. This Act takes effect immediately under AS 01.10.070(c).