Enrolled HB 286: 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.
00Enrolled HB 286 01 Providing for and relating to the issuance of general obligation bonds for the purpose of 02 paying the cost of state transportation projects; and providing for an effective date. 03 _______________ 04 * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 05 to read: 06 GENERAL OBLIGATION BONDS. For the purpose of paying the cost of design and 07 construction of state transportation projects and costs incident to the sale and issuance of the 08 bonds, general obligation bonds of the state in the principal amount of not more than 09 $453,499,200, if ratified by a majority of the qualified voters of the state who vote on the 10 question, shall be issued and sold. The full faith, credit, and resources of the state are pledged 11 to the payment of the principal of and interest and redemption premium, if any, on the bonds. 12 The bonds shall be issued under the provisions of AS 37.15 as those provisions read at the 13 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 $195,400,000 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 37.05.316, as applicable, to 14 recipients for projects as follows: 15 PROJECT AMOUNT 16 Anchorage - Port of Anchorage Expansion $50,000,000 17 Bethel - Harbor Dredging 4,000,000 18 Bristol Bay Borough - Port of Bristol Bay 7,000,000 19 Expansion and Pile Dock Replacement 20 Emmonak - Port Improvements 3,000,000 21 Haines Borough - Boat Harbor Upgrades 15,000,000 22 Hooper Bay - Boat Harbor 1,000,000 23 Kodiak - Pier III Replacement 15,000,000 24 Kotzebue - Cape Blossom Road and Deep Water Port 10,000,000 25 Matanuska-Susitna Borough - Bogard Road Extension East 13,500,000 26 Matanuska-Susitna Borough - Port Mackenzie 30,000,000 27 Rail Extension 28 Nenana - Totchaket Resource Development 6,500,000 29 Corridor Access 30 Newtok Traditional Council - Mertarvik Evacuation 4,100,000 31 Road Construction
01 Nome - Port Design and Construction 10,000,000 02 Sand Point - Sand Point Road Rehabilitation 2,500,000 03 Seward - Marine Industrial Center Expansion 10,000,000 04 Sitka - Sawmill Cove Industrial Park Dock 7,500,000 05 St. George - Harbor Reconstruction 3,000,000 06 Togiak - Waterfront Transit Facility 3,300,000 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 $254,500,000 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 Anchorage - Glenn Highway, Hiland Road to Artillery Road $35,000,000 16 Reconstruction 17 Anchorage - Glenn Highway/Muldoon Road Interchange 15,000,000 18 Reconstruction 19 Anchorage - New Seward Highway/36th Avenue 26,000,000 20 Reconstruction 21 Anchorage - New Seward Highway - MP 75-90 10,000,000 22 Bridge Repairs 23 Anchorage - O'Malley Road Reconstruction 15,000,000 24 Elliott Highway, MP 108-120 Reconstruction 6,500,000 25 Fairbanks - Old Steese Highway to McGrath Road 24,000,000 26 Reconstruction and Extension 27 Fairbanks - Wendell Street Bridge Replacement 14,400,000 28 Juneau - Glacier Highway, MP 4-6 Improvements 5,500,000 29 Juneau - Mendenhall Loop Improvements 6,000,000 30 Kenai - Kenai Spur Road Rehabilitation 20,000,000 31 Ketchikan - Shelter Cove Road Construction and Improvements 19,000,000
01 Mat-Su - Fairview Loop Reconstruction 10,000,000 02 Mat-Su - Knik Goose Bay Road Reconstruction 15,000,000 03 North Pole - Plack Road Improvements 5,000,000 04 Platinum Airport Runway Extension 3,100,000 05 Richardson Highway - Ruby Creek Bridge Replacement 11,000,000 06 Sitka - Katlian Bay Road Construction 14,000,000 07 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 08 read: 09 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority of 10 the qualified voters of the state who vote on the question, the amount of $3,599,200 or as 11 much of that amount as is found necessary is appropriated from the 2012 state transportation 12 project fund of the state to the state bond committee to carry out the provisions of this Act and 13 to pay expenses incident to the sale and issuance of the bonds authorized in this Act. 14 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 15 read: 16 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 17 balances of the appropriations made in secs. 3 and 4 of this Act lapse under AS 37.25.020 and 18 are appropriated to the state bond committee to redeem bonds sold under this Act. The 19 amounts expended from the general fund to pay the principal, interest, and redemption 20 premium on bonds issued under this Act shall be reimbursed to the general fund from the 21 appropriation made under this section to the extent that the money is not needed to redeem the 22 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).