HB 286: "An Act providing for and relating to the issuance of general obligation bonds for the purpose of paying the cost of municipal port projects; and providing for an effective date."
00 HOUSE BILL NO. 286 01 "An Act providing for and relating to the issuance of general obligation bonds for the 02 purpose of paying the cost of municipal port projects; and providing for an effective 03 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 municipal port projects, general obligation bonds of the state in the principal 09 amount of not more than $350,000,000, if ratified by a majority of the qualified voters of the 10 state who vote on the question, shall be issued and sold. The full faith, credit, and resources of 11 the state are pledged to the payment of the principal of and interest and redemption premium, 12 if any, on the bonds. The bonds shall be issued under the provisions of AS 37.15 as those 13 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 2012 PORT PROJECT FUND. If the issuance of the bonds is ratified by a majority of 03 the qualified voters of the state who vote on the question, a special fund of the state to be 04 known as the "2012 port project fund" shall be established, to which shall be credited the 05 proceeds of the sale of the bonds described in sec. 1 of this Act except for the accrued interest 06 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 COMMERCE, COMMUNITY, AND ECONOMIC 10 DEVELOPMENT. The amount of $350,000,000 is appropriated from the 2012 port project 11 fund to the Department of Commerce, Community, and Economic Development to be 12 awarded as grants under AS 37.05.315 to recipients for projects as follows: 13 PROJECT AMOUNT 14 Municipality of Anchorage - Port of Anchorage $200,000,000 15 Matanuska-Susitna Borough - Port MacKenzie 110,000,000 16 Rail Extension 17 City of Seward - Community Development 10,000,000 18 Quota Home Port 19 Bristol Bay Borough - Port Improvements 10,000,000 20 City of Emmonak - Port Improvements 10,000,000 21 Ketchikan Gateway Borough - Ward Cove 10,000,000 22 Dock Improvements 23 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 24 read: 25 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority of 26 the qualified voters of the state who vote on the question, the amount of $2,965,000 or as 27 much of that amount as is found necessary is appropriated from the general fund of the state 28 to the state bond committee to carry out the provisions of this Act and to pay expenses 29 incident to the sale and issuance of the bonds authorized in this Act. The amounts expended 30 from the appropriation authorized by this section shall be reimbursed to the general fund from 31 the proceeds of the sale of the bonds authorized by this Act.
01 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 02 read: 03 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 04 balances of the appropriations made in sec. 3 of this Act lapse under AS 37.25.020 and are 05 appropriated to the state bond committee to redeem bonds sold under this Act. The amounts 06 expended from the general fund to pay the principal, interest, and redemption premium on 07 bonds issued under this Act shall be reimbursed to the general fund from the appropriation 08 made under this section to the extent that the money is not needed to redeem the bonds. 09 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 10 read: 11 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 12 be issued shall be submitted to the qualified voters of the state at the first general election 13 after the effective date of this Act and shall read substantially as follows: 14 P R O P O S I T I O N 15 State General Obligation $350,000,000 16 Port Project Bonds 17 Shall the State of Alaska issue its general obligation bonds in 18 the principal amount of not more than $350,000,000 for the 19 purpose of paying the cost of municipal port projects? 20 Bonds Yes [ ] 21 Bonds No [ ] 22 * Sec. 7. This Act takes effect immediately under AS 01.10.070(c).