SB 226: "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; providing for, relating to, and approving the issuance of certificates of participation for the design, construction, acquisition, and equipping of the University of Alaska Fairbanks Life Sciences Building in Fairbanks; providing notice of and authorizing the commissioner of the Department of Administration to enter into a lease-purchase agreement with the University of Alaska for the University of Alaska Fairbanks Life Sciences Building; authorizing the University of Alaska to issue revenue bonds for the construction, acquisition, and equipping of the University of Alaska Fairbanks Life Sciences Building in Fairbanks; and providing for an effective date."
00 SENATE BILL NO. 226 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; providing for, relating to, and approving the issuance of 07 certificates of participation for the design, construction, acquisition, and equipping of 08 the University of Alaska Fairbanks Life Sciences Building in Fairbanks; providing 09 notice of and authorizing the commissioner of the Department of Administration to 10 enter into a lease-purchase agreement with the University of Alaska for the University of 11 Alaska Fairbanks Life Sciences Building; authorizing the University of Alaska to issue 12 revenue bonds for the construction, acquisition, and equipping of the University of
01 Alaska Fairbanks Life Sciences Building in Fairbanks; and providing for an effective 02 date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 05 to read: 06 FINDINGS AND INTENT. (a) It is the intent of the legislature to finance the 07 construction, acquisition, and equipping of a new facility in Anchorage to be known as the 08 Alaska Scientific Crime Detection Laboratory with the issuance of certificates of participation 09 in the amount of $75,750,000 under sec. 3 of this Act. It is the intent of the legislature that 10 money previously appropriated for this project will be used to finance the design of this 11 project. 12 (b) It is the intent of the legislature that the amount of money to be used for the 13 design, construction, acquisition, and equipping of a new facility in Fairbanks to be known as 14 the University of Alaska Fairbanks Life Sciences Building is $109,475,000. Of that amount, 15 $88,875,000 would be from the proceeds of certificates of participation issued under sec. 4 of 16 this Act, and $20,600,000 would be from the proceeds of revenue bonds issued under sec. 5 of 17 this Act. 18 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 19 read: 20 LEASE-PURCHASE PAYMENTS. The lease-purchase payments owed under a lease- 21 purchase agreement executed under sec. 3 and sec. 4 of this Act are subject to annual 22 appropriation by the legislature. 23 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 24 read: 25 NOTICE OF ENTRY INTO AND FINANCING OF LEASE-PURCHASE 26 AGREEMENT: ALASKA SCIENTIFIC CRIME DETECTION LABORATORY. (a) Subject 27 to annual appropriation, the Department of Public Safety is authorized to enter into a lease- 28 purchase agreement for a facility in Anchorage to be known as the Alaska Scientific Crime 29 Detection Laboratory. 30 (b) The state bond committee is authorized to provide for the issuance of certificates
01 of participation in one or more series in the aggregate principal amount of $75,750,000 for the 02 construction, acquisition, and equipping of a facility to be known as the Alaska Scientific 03 Crime Detection Laboratory. The estimated total cost of construction, acquisition, and 04 equipping of the project is $75,750,000, including credit enhancement and underwriting 05 expenses, rating agency fees, bond counsel fees, financial advisor fees, printing fees, 06 advertising fees, capitalized interest, and interest earnings used for lease payments. The 07 estimated annual amount of rental obligations under the lease purchase agreement is 08 $5,600,000. The estimated total lease payments for the full term of the lease-purchase 09 agreement is $112,000,000. 10 (c) Under terms approved by the Department of Public Safety, upon the payment of 11 all principal and interest payments under the certificates of participation, title to the new 12 facility known as the Alaska Scientific Crime Detection Laboratory shall vest in the State of 13 Alaska. 14 (d) The state bond committee may contract for credit enhancement, underwriting, 15 credit ratings, bond counsel, financial advisor, printing, advertising, and trustee services that 16 the committee considers necessary in financing the project described in this section. 17 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 18 read: 19 NOTICE OF ENTRY INTO AND FINANCING OF LEASE-PURCHASE 20 AGREEMENT: UNIVERSITY OF ALASKA FAIRBANKS LIFE SCIENCES BUILDING. 21 (a) Subject to annual appropriation, the University of Alaska is authorized to enter into a 22 lease-purchase agreement for a facility in Fairbanks to be known as the University of Alaska 23 Fairbanks Life Sciences Building. 24 (b) The state bond committee is authorized to provide for the issuance of certificates 25 of participation in one or more series in the aggregate principal amount of $88,875,000 for the 26 design, construction, acquisition, and equipping of a facility to be known as the University of 27 Alaska Fairbanks Life Sciences Building. The estimated total cost of design, construction, 28 acquisition, and equipping of the project is $109,475,000, including credit enhancement and 29 underwriting expenses, rating agency fees, bond counsel fees, financial advisor fees, printing 30 fees, advertising fees, capitalized interest, and interest earnings used for lease payments. The 31 estimated annual amount of rental obligations under the lease purchase agreement is
01 $6,700,000. The estimated total lease payments for the full term of the lease-purchase 02 agreement is $134,000,000. 03 (c) Under terms approved by the University of Alaska, upon the payment of all 04 principal and interest payments under the certificates of participation, title to the new facility 05 known as the University of Alaska Fairbanks Life Sciences Building shall vest in the State of 06 Alaska. 07 (d) The state bond committee may contract for credit enhancement, underwriting, 08 credit ratings, bond counsel, financial advisor, printing, advertising, and trustee services that 09 the committee considers necessary in financing the project described in this section. 10 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 11 read: 12 NOTICE AND AUTHORIZATION OF ISSUANCE OF REVENUE BONDS: 13 UNIVERSITY OF ALASKA FAIRBANKS LIFE SCIENCES BUILDING. (a) The 14 University of Alaska is authorized to issue revenue bonds under the power granted to it in 15 AS 14.40.254 to partially finance the construction, acquisition, and equipping of a facility to 16 be known as the University of Alaska Fairbanks Life Sciences Building, including, without 17 limitation, reserves for debt service and capitalized interest, if necessary or appropriate, and 18 costs of issuance. The maximum principal amount of bonds that the University of Alaska may 19 issue under this section is $20,600,000. The University of Alaska may issue the bonds in a 20 single issuance or several issuances, without limitation as to number of issuances or timing, as 21 it determines best. In no event shall the general credit of the University of Alaska or the state 22 be pledged for the repayment of these bonds. The bonds shall be repaid from the revenue of 23 the University of Alaska, subject to appropriation. 24 (b) This authorization extends to bonds issued to refund the bonds authorized in this 25 Act. The principal amount of the bonds authorized in this Act may be increased in an issue of 26 refunding bonds in an amount equal to the costs of refunding if the refunding is undertaken to 27 achieve debt service savings. 28 (c) The estimated total cost of design, construction, acquisition, and equipping of the 29 University of Alaska Fairbanks Life Sciences Building is $109,475,000, including credit 30 enhancement and underwriting expenses, rating agency fees, bond counsel fees, financial 31 advisor fees, printing fees, advertising fees, capitalized interest, and interest earnings used for
01 lease payments. The estimated annual payment amount of bonds under this section is 02 $1,525,000. The estimated total payments for the full term of the bonds is $30,485,000. 03 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 04 read: 05 LEGISLATIVE APPROVALS. (a) Sections 3 and 4 of this Act constitute the notice 06 and approval of a lease-purchase agreement required by AS 36.30.085. 07 (b) Section 5 of this Act constitutes the notice and approval of a financing obligation 08 with an annual payment anticipated to exceed $1,000,000 required by AS 14.40.253. 09 * Sec. 7. This Act takes effect immediately under AS 01.10.070(c).