HB 329: "An Act providing for and relating to the issuance of general obligation bonds for the purpose of paying the cost of the Port of Anchorage construction and rehabilitation for the United States Department of Defense strategically designated port facilities; and providing for an effective date."
00 HOUSE BILL NO. 329 01 "An Act providing for and relating to the issuance of general obligation bonds for the 02 purpose of paying the cost of the Port of Anchorage construction and rehabilitation for 03 the United States Department of Defense strategically designated port facilities; and 04 providing for an effective date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 07 to read: 08 GENERAL OBLIGATION BONDS. For the purpose of paying the cost of the Port of 09 Anchorage construction and rehabilitation for the United States Department of Defense 10 strategically designated port facilities, general obligation bonds of the state in the principal 11 amount of not more than $290,000,000, if ratified by a majority of the qualified voters of the 12 state who vote on the question, shall be issued and sold. The full faith, credit, and resources of 13 the state are pledged to the payment of the principal of and interest and redemption premium, 14 if any, on the bonds. The bonds shall be issued under the provisions of AS 37.15 as those
01 provisions read at the time of issuance. 02 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 03 read: 04 PORT OF ANCHORAGE CONSTRUCTION AND REHABILITATION FUND. If 05 the issuance of the bonds is ratified by a majority of the qualified voters of the state who vote 06 on the question, a special fund of the state to be known as the "Port of Anchorage construction 07 and rehabilitation fund" shall be established, to which shall be credited the proceeds of the 08 sale of the bonds described in sec. 1 of this Act except for the accrued interest and premiums. 09 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 10 read: 11 MUNICIPALITY OF ANCHORAGE. The amount of $290,000,000 is appropriated 12 from the Port of Anchorage construction and rehabilitation fund to the Municipality of 13 Anchorage for the Port of Anchorage construction and rehabilitation for the United States 14 Department of Defense strategically designated port facilities. 15 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 16 read: 17 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority of 18 the qualified voters of the state who vote on the question, the amount of $1,450,000 or as 19 much of that amount as is found necessary is appropriated from the general fund of the state 20 to the state bond committee to carry out the provisions of this Act and to pay expenses 21 incident to the sale and issuance of the bonds authorized in this Act. The amounts expended 22 from the appropriation authorized by this section shall be reimbursed to the general fund from 23 the proceeds of the sale of the bonds authorized by this Act. 24 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 25 read: 26 ADVANCE PLANNING. The amount withdrawn from the public facility planning 27 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 28 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds 29 authorized by this Act. 30 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 31 read:
01 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 02 balance of the appropriation made in sec. 3 of this Act lapses under AS 37.25.020 and is 03 appropriated to the state bond committee to redeem bonds sold under this Act. The amounts 04 expended from the general fund to pay the principal, interest, and redemption premium on 05 bonds issued under this Act shall be reimbursed to the general fund from the appropriation 06 made under this section to the extent that the money is not needed to redeem the bonds. 07 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 08 read: 09 BALLOT QUESTION. The question of whether the bonds authorized in this Act are 10 to be issued shall be submitted to the qualified voters of the state at the next general election 11 and shall read substantially as follows: 12 P R O P O S I T I O N 13 State General Obligation $290,000,000 14 Port of Anchorage Construction and Rehabilitation Bonds 15 Shall the State of Alaska issue its general obligation bonds in 16 the principal amount of not more than $290,000,000 for the 17 purpose of paying the cost of Port of Anchorage construction 18 and rehabilitation for the United States Department of Defense 19 strategically designated port facilities? 20 Bonds Yes [ ] 21 Bonds No [ ] 22 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).