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Enrolled HB 140: 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 Enrolled HB 140                                                                                                         
01 Authorizing the Alaska Railroad Corporation to issue revenue bonds to finance a positive                                
02 train control rail transportation safety project that qualifies for federal financial participation;                    
03 and providing for an effective date.                                                                                    
04                           _______________                                                                               
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).