CSHB 286(FIN): "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 CS FOR HOUSE BILL NO. 286(FIN) 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 section 06 to read: 07 GENERAL OBLIGATION BONDS. For the purpose of paying the cost of design and 08 construction of state transportation projects and costs incident to the sale and issuance of the 09 bonds, general obligation bonds of the state in the principal amount of not more than 10 $453,499,200, if ratified by a majority of the qualified voters of the state who vote on the 11 question, shall be issued and sold. The full faith, credit, and resources of the state are pledged 12 to the payment of the principal of and interest and redemption premium, if any, on the bonds. 13 The bonds shall be issued under the provisions of AS 37.15 as those provisions read at the 14 time of issuance.
01 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 02 read: 03 2012 STATE TRANSPORTATION PROJECT FUND. If the issuance of the bonds is 04 ratified by a majority of the qualified voters of the state who vote on the question, a special 05 fund of the state to be known as the "2012 state transportation project fund" shall be 06 established, to which shall be credited the proceeds of the sale of the bonds described in sec. 1 07 of this Act including premiums. 08 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 09 read: 10 DEPARTMENT OF COMMERCE, COMMUNITY, AND ECONOMIC 11 DEVELOPMENT. The amount of $191,400,000 is appropriated from the 2012 state 12 transportation project fund to the Department of Commerce, Community, and Economic 13 Development to be awarded as grants under AS 37.05.315 or AS 37.05.316, as applicable, to 14 recipients for projects as follows: 15 PROJECT AMOUNT 16 City of Sitka - Sawmill Cove Industrial Park $ 7,500,000 17 bulkhead dock 18 Haines Borough - boat harbor upgrades 15,000,000 19 City of Seward - Marine Industrial Center expansion 10,000,000 20 City of Kodiak - Pier III replacement 15,000,000 21 Bristol Bay Borough - Port of Bristol Bay 7,000,000 22 expansion and pile dock replacement 23 City of Togiak - waterfront transit facility 3,300,000 24 City of St. George - harbor reconstruction 3,000,000 25 City of Sand Point - Sand Point Road rehabilitation 2,500,000 26 Newtok Traditional Council - Mertarvik evacuation 4,100,000 27 road construction 28 City of Bethel - harbor dredging 4,000,000 29 City of Nome - deep draft port design and construction 10,000,000 30 City of Kotzebue - Cape Blossom Road and deep water port 10,000,000 31 Municipality of Anchorage - Port of Anchorage 50,000,000
01 expansion 02 Matanuska-Susitna Borough - Port MacKenzie 30,000,000 03 rail extension 04 Matanuska - Susitna Borough - Bogard Road extension East 13,500,000 05 City of Nenana - Totchaket resource development 6,500,000 06 corridor access 07 * Sec. 4. 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 amount 10 of $258,500,000 is appropriated from the 2012 state 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 AMOUNT 15 Ketchikan - Shelter Cove Road construction/extension $19,000,000 16 Sitka - Katlian Bay Road construction 14,000,000 17 Juneau - Mendenhall Loop rehabilitation 6,000,000 18 Juneau - Glacier Highway, MP 4 - 6 rehabilitation 5,500,000 19 Elliott Highway, MP 108 - 120 reconstruction 6,500,000 20 Fairbanks - Old Steese Highway to McGrath Road 24,000,000 21 reconstruction/extension 22 North Pole - Plack Road pedestrian pathway 5,000,000 23 Fairbanks - Wendell Street bridge replacement 14,400,000 24 Richardson Highway - Ruby Creek Bridge replacement 11,000,000 25 Kenai - Kenai Spur Road rehabilitation 20,000,000 26 Platinum Airport runway extension 3,100,000 27 Port Clarence access improvements 4,000,000 28 Anchorage - O'Malley Road reconstruction 15,000,000 29 Anchorage - Glenn Highway/Muldoon Road interchange 15,000,000 30 reconstruction 31 Anchorage - Glenn Highway, Hiland Road to Artillery Road 35,000,000
01 reconstruction 02 Anchorage - New Seward Highway/36th Avenue 26,000,000 03 reconstruction 04 Anchorage - New Seward Highway - MP 75-90 10,000,000 05 bridge repairs 06 Fairview Loop reconstruction 10,000,000 07 Knik Goose Bay Road reconstruction 15,000,000 08 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 09 read: 10 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority of 11 the qualified voters of the state who vote on the question, the amount of $3,599,200 or as 12 much of that amount as is found necessary is appropriated from the 2012 state transportation 13 project fund of the state to the state bond committee to carry out the provisions of this Act and 14 to pay expenses incident to the sale and issuance of the bonds authorized in this Act. 15 * Sec. 6. 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 sec. 3 of this Act lapse under AS 37.25.020 and are 19 appropriated to the state bond committee to redeem bonds sold under this Act. The amounts 20 expended from the general fund to pay the principal, interest, and redemption premium on 21 bonds issued under this Act shall be reimbursed to the general fund from the appropriation 22 made under this section to the extent that the money is not needed to redeem the bonds. 23 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 24 read: 25 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 26 be issued shall be submitted to the qualified voters of the state at the first general election 27 after the effective date of this Act and shall read substantially as follows: 28 P R O P O S I T I O N 29 State General Obligation $453,499,200 30 State Transportation Project Bonds 31 Shall the State of Alaska issue its general obligation bonds in
01 the principal amount of not more than $453,499,200 for the 02 purpose of paying the cost of state transportation projects? 03 Bonds Yes [ ] 04 Bonds No [ ] 05 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).