HB 140: "An Act authorizing the Alaska Railroad Corporation to issue revenue bonds to finance a positive train control rail transportation safety project that qualifies for federal financial participation; and providing for an effective date."
00 HOUSE BILL NO. 140 01 "An Act authorizing the Alaska Railroad Corporation to issue revenue bonds to finance 02 a positive train control rail transportation safety project that qualifies for federal 03 financial participation; and providing for an 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 LEGISLATIVE AUTHORIZATION AND APPROVAL. (a) The Alaska Railroad 08 Corporation is authorized to issue revenue bonds under AS 42.40.250 to finance a positive 09 train control rail transportation safety project that qualifies for federal financial participation 10 and associated costs, including, without limitation, reserves for debt service and capitalized 11 interest, if necessary or appropriate, and costs of issuance. The maximum principal amount of 12 bonds that the Alaska Railroad Corporation may issue under this section is $37,000,000. The 13 Alaska Railroad Corporation may issue the bonds in a single issuance or in several issuances, 14 without limitation as to number of issuances or timing, and as the Alaska Railroad
01 Corporation determines best furthers the purpose of financing the positive train control rail 02 transportation safety project described in this section and associated costs. The bonds shall be 03 repaid from the federal money derived from annual apportionments paid to the Alaska 04 Railroad Corporation by the Federal Transit Administration or other funds available to the 05 corporation. In no event shall the general credit of the Alaska Railroad Corporation or the 06 state be pledged for the repayment of the bonds. 07 (b) This authorization extends to bonds issued to refund the bonds authorized in this 08 Act. The principal amount of the bonds authorized in this Act may be increased in an issue of 09 refunding bonds in an amount equal to the costs of refunding if the refunding is undertaken to 10 achieve debt service savings. 11 (c) This section constitutes the approval required by AS 42.40.285 for the issuance of 12 the bonds described in this section. 13 (d) The bonds authorized to be issued under this section are issued by a public 14 corporation and an instrumentality of the state for an essential public and governmental 15 purpose. 16 (e) In this section, "bonds" means bonds, bond anticipation notes, notes, refunding 17 bonds, or other obligations. 18 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).