SB 208: "An Act increasing the school construction debt reimbursement percentage for certain municipalities; and providing for an effective date."
00 SENATE BILL NO. 208 01 "An Act increasing the school construction debt reimbursement percentage for certain 02 municipalities; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 14.11.100(a) is amended to read: 05 (a) During each fiscal year, the state shall allocate to a municipality that is a 06 school district the following sums: 07 (1) payments made by the municipality during the fiscal year two years 08 earlier for the retirement of principal and interest on outstanding bonds, notes, or other 09 indebtedness incurred before July 1, 1977, to pay costs of school construction; 10 (2) 90 percent of 11 (A) payments made by the municipality during the fiscal year 12 two years earlier for the retirement of principal and interest on outstanding 13 bonds, notes, or other indebtedness incurred after June 30, 1977, and before 14 July 1, 1978, to pay costs of school construction;
01 (B) cash payments made after June 30, 1976, and before July 1, 02 1978, by the municipality during the fiscal year two years earlier to pay costs 03 of school construction; 04 (3) 90 percent of 05 (A) payments made by the municipality during the fiscal year 06 two years earlier for the retirement of principal and interest on outstanding 07 bonds, notes, or other indebtedness incurred after June 30, 1978, and before 08 January 1, 1982, to pay costs of school construction projects approved under 09 AS 14.07.020(a)(11); 10 (B) cash payments made after June 30, 1978, and before July 1, 11 1982, by the municipality during the fiscal year two years earlier to pay costs 12 of school construction projects approved under AS 14.07.020(a)(11); 13 (4) subject to (h) and (i) of this section, up to 90 percent of 14 (A) payments made by the municipality during the current 15 fiscal year for the retirement of principal and interest on outstanding bonds, 16 notes, or other indebtedness incurred after December 31, 1981, and authorized 17 by the qualified voters of the municipality before July 1, 1983, to pay costs of 18 school construction, additions to schools, and major rehabilitation projects that 19 exceed $25,000 and are approved under AS 14.07.020(a)(11); 20 (B) cash payments made after June 30, 1982, and before July 1, 21 1983, by the municipality during the fiscal year two years earlier to pay costs 22 of school construction, additions to schools, and major rehabilitation projects 23 that exceed $25,000 and are approved under AS 14.07.020(a)(11); and 24 (C) payments made by the municipality during the current 25 fiscal year for the retirement of principal and interest on outstanding bonds, 26 notes, or other indebtedness to pay costs of school construction, additions to 27 schools, and major rehabilitation projects that exceed $25,000 and are 28 submitted to the department for approval under AS 14.07.020(a)(11) before 29 July 1, 1983, and approved by the qualified voters of the municipality before 30 October 15, 1983, not to exceed a total project cost of (i) $6,600,000 if the 31 annual growth rate of average daily membership of the municipality is more
01 than seven percent but less than 12 percent, or (ii) $20,000,000 if the annual 02 growth rate of average daily membership of the municipality is 12 percent or 03 more; payments made by a municipality under this subparagraph on total 04 project costs that exceed the amounts set out in (i) and (ii) of this subparagraph 05 are subject to (5)(A) of this subsection; 06 (5) subject to (h) - (j) of this section, 80 percent of 07 (A) payments made by the municipality during the fiscal year 08 for the retirement of principal and interest on outstanding bonds, notes, or 09 other indebtedness authorized by the qualified voters of the municipality 10 (i) after June 30, 1983, but before March 31, 1990, to 11 pay costs of school construction, additions to schools, and major 12 rehabilitation projects that exceed $25,000 and are approved under AS 13 14.07.020(a)(11); or 14 (ii) before July 1, 1989, and reauthorized before 15 November 1, 1989, to pay costs of school construction, additions to 16 schools, and major rehabilitation projects that exceed $25,000 and are 17 approved under AS 14.07.020(a)(11); and 18 (B) cash payments made after June 30, 1983, by the 19 municipality during the fiscal year two years earlier to pay costs of school 20 construction, additions to schools, and major rehabilitation projects that exceed 21 $25,000 and are approved by the department before July 1, 1990, under AS 22 14.07.020(a)(11); 23 (6) subject to (h) - (j) and (m) of this section, 70 percent of payments 24 made by the municipality during the fiscal year for the retirement of principal and 25 interest on outstanding bonds, notes, or other indebtedness authorized by the qualified 26 voters of the municipality on or after April 30, 1993, but before July 1, 1996, to pay 27 costs of school construction, additions to schools, and major rehabilitation projects 28 that exceed $200,000 and are approved under AS 14.07.020(a)(11); 29 (7) subject to (h) - (j) and (m) of this section, 70 percent of payments 30 made by the municipality during the fiscal year for the retirement of principal and 31 interest on outstanding bonds, notes, or other indebtedness authorized by the qualified
01 voters of the municipality after March 31, 1990, but before April 30, 1993, to pay 02 costs of school construction, additions to schools, and major rehabilitation projects; 03 (8) subject to (h), (i), (j)(2) - (5), and (n) of this section and after 04 projects funded by the bonds, notes, or other indebtedness have been approved by the 05 commissioner, 70 percent of payments made by the municipality during the fiscal year 06 for the retirement of principal and interest on outstanding bonds, notes, or other 07 indebtedness authorized by the qualified voters of the municipality on or after July 1, 08 1995, but before July 1, 1998, to pay costs of school construction, additions to 09 schools, and major rehabilitation projects that exceed $200,000 and are approved 10 under AS 14.07.020(a)(11); 11 (9) subject to (h), (i), (j)(2) - (5), and (n) of this section and after 12 projects funded by the bonds, notes, or other indebtedness have been approved by the 13 commissioner, 70 percent of payments made by the municipality during the fiscal year 14 for the retirement of principal and interest on outstanding bonds, notes, or other 15 indebtedness authorized by the qualified voters of the municipality on or after July 1, 16 1998, but before July 1, 2006, to pay costs of school construction, additions to 17 schools, and major rehabilitation projects that exceed $200,000 and are approved 18 under AS 14.07.020(a)(11); 19 (10) subject to (h), (i), (j)(2) - (5), and (o) of this section, and after 20 projects funded by the bonds, notes, or other indebtedness have been approved by the 21 commissioner, 70 percent of payments made by the municipality during the fiscal year 22 for the retirement of principal and interest on outstanding bonds, notes, or other 23 indebtedness authorized by the qualified voters of the municipality on or after June 30, 24 1998, to pay costs of school construction, additions to schools, and major 25 rehabilitation projects that exceed $200,000, are approved under AS 14.07.020(a)(11), 26 and are not reimbursed under (n) of this section; 27 (11) subject to (h), (i), and (j)(2) - (5) of this section, and after projects 28 funded by the bonds, notes, or other indebtedness have been approved by the 29 commissioner, 70 percent of payments made by a municipality during the fiscal year 30 for the retirement of principal and interest on outstanding bonds, notes, or other 31 indebtedness authorized by the qualified voters of the municipality on or after June 30,
01 1999, but before January 1, 2005, to pay costs of school construction, additions to 02 schools, and major rehabilitation projects and education-related facilities that exceed 03 $200,000, are approved under AS 14.07.020(a)(11), and are not reimbursed under (n) 04 or (o) of this section; 05 (12) subject to (h), (i), and (j)(2), (3), and (5) of this section, 60 percent 06 of payments made by a municipality during the fiscal year for the retirement of 07 principal and interest on outstanding bonds, notes, or other indebtedness authorized by 08 the qualified voters of the municipality on or after June 30, 1999, but before January 1, 09 2005, to pay costs of school construction, additions to schools, and major 10 rehabilitation projects and education-related facilities that exceed $200,000, are 11 reviewed under AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this 12 section; 13 (13) subject to (h), (i), (j)(2) - (5), and (p) of this section, and after 14 projects funded by the tax exempt bonds, notes, or other indebtedness have been 15 approved by the commissioner, 70 percent of payments made by a municipality during 16 the fiscal year for the retirement of principal and interest on outstanding tax exempt 17 bonds, notes, or other indebtedness authorized by the qualified voters of the 18 municipality on or after June 30, 1999, but before October 31, 2006, to pay costs of 19 school construction, additions to schools, and major rehabilitation projects and 20 education-related facilities that exceed $200,000, are approved under AS 21 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this section; 22 (14) subject to (h), (i), (j)(2), (3), and (5), and (p) of this section, 60 23 percent of payments made by a municipality during the fiscal year for the retirement 24 of principal and interest on outstanding tax exempt bonds, notes, or other indebtedness 25 authorized by the qualified voters of the municipality on or after June 30, 1999, but 26 before October 31, 2006, to pay costs of school construction, additions to schools, and 27 major rehabilitation projects and education-related facilities that exceed $200,000, are 28 reviewed under AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this 29 section; 30 (15) subject to (h), (i), (j)(2) - (5), and (q) of this section, and after 31 projects funded by the bonds, notes, or other indebtedness have been approved by the
01 commissioner, 90 percent of payments made by a municipality during the fiscal year 02 for the retirement of principal and interest on outstanding bonds, notes, or other 03 indebtedness authorized by the qualified voters of the municipality on or after June 30, 04 1999, but before October 31, 2006, to pay costs of school construction, additions to 05 schools, and major rehabilitation projects and education-related facilities that exceed 06 $200,000, are approved under AS 14.07.020(a)(11), meet the 10 percent participating 07 share requirement for a municipal school district under the former participating share 08 amounts required under AS 14.11.008(b), and are not reimbursed under (n) or (o) of 09 this section; 10 (16) subject to (h), (i), and (j)(2) - (5) of this section, and after projects 11 funded by the tax exempt bonds, notes, or other indebtedness have been approved by 12 the commissioner, 70 percent of payments made by a municipality during the fiscal 13 year for the retirement of principal and interest on outstanding tax exempt bonds, 14 notes, or other indebtedness authorized by the qualified voters of the municipality on 15 or after October 1, 2006, to pay costs of school construction, additions to schools, and 16 major rehabilitation projects and education-related facilities that exceed $200,000, are 17 approved under AS 14.07.020(a)(11), and are not reimbursed under (o) of this section; 18 (17) subject to (h), (i), and (j)(2), (3), and (5) of this section, 60 percent 19 of payments made by a municipality during the fiscal year for the retirement of 20 principal and interest on outstanding tax exempt bonds, notes, or other indebtedness 21 authorized by the qualified voters of the municipality on or after October 1, 2006, to 22 pay costs of school construction, additions to schools, and major rehabilitation projects 23 and education-related facilities that exceed $200,000, are reviewed under AS 24 14.07.020(a)(11), and are not reimbursed under (o) of this section; 25 (18) subject to (h), (i), and (j)(2) - (5) of this section, and after 26 projects funded by the tax exempt bonds, notes, or other indebtedness have been 27 approved by the commissioner, 80 percent of payments made by a municipality 28 during the fiscal year for the retirement of principal and interest on outstanding 29 tax exempt bonds, notes, or other indebtedness authorized by the qualified voters 30 of the municipality on or after June 30, 2014, to pay costs of school construction, 31 additions to schools, and major rehabilitation projects and education-related
01 facilities that exceed $200,000, are approved under AS 14.07.020(a)(11), meet or 02 exceed the 20 percent participating share requirement for a municipal school 03 district under AS 14.11.008(b), and are not reimbursed under (n) or (o) of this 04 section. 05 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 06 read: 07 SCHOOL CONSTRUCTION DEBT REIMBURSEMENT; SPECIAL 08 REIMBURSEMENT PROCEDURE. Notwithstanding the June 30, 2014, date for voter 09 approval in AS 14.11.100(a)(18), added by sec. 1 of this Act, the commissioner of education 10 and early development shall allocate to a municipality that is a school district 80 percent debt 11 reimbursement for a school construction project that has been approved by the commissioner 12 for 70 percent debt reimbursement using state funds under AS 14.11.100(a)(16), that meets or 13 exceeds the 20 percent participating share requirement for a municipal school district under 14 AS 14.11.008(b), and that has been authorized by voters of the municipality on or after 15 January 1, 2013, to pay costs of school construction, additions to schools, and major 16 rehabilitation projects and education-related facilities. 17 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).