HB 285: "An Act providing for and relating to the issuance of general obligation bonds for the purpose of paying the cost of state infrastructure projects, including construction, major maintenance, and port and transportation projects; and providing for an effective date."
00 HOUSE BILL NO. 285 01 "An Act providing for and relating to the issuance of general obligation bonds for the 02 purpose of paying the cost of state infrastructure projects, including construction, major 03 maintenance, and port and transportation projects; and providing for an effective 04 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 state 09 infrastructure projects and costs incident to the sale and issuance of the bonds, general 10 obligation bonds of the state in the principal amount of not more than $325,175,000, if ratified 11 by a majority of the qualified voters of the state who vote on the question, shall be issued and 12 sold. The full faith, credit, and resources of the state are pledged to the payment of the 13 principal of and interest and redemption premium, if any, on the bonds. The bonds shall be 14 issued under the provisions of AS 37.15 as those provisions read at the 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 2022 STATE INFRASTRUCTURE 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 "2022 state infrastructure project fund" shall be 06 established as a separate fund in the general fund, to which shall be credited the proceeds of 07 the sale of the bonds described in sec. 1 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 $257,900,000 is appropriated from the 2022 state 12 infrastructure project fund to the Department of Commerce, Community, and Economic 13 Development to be awarded as grants under AS 37.05.315 to recipients for projects as 14 follows: 15 PROJECT AMOUNT 16 City of Craig - Craig Harbor $8,300,000 17 City of Craig - Mariculture Infrastructure 5,000,000 18 Kenai River Bluffs Stabilization 6,500,000 19 Ketchikan Gateway Borough - 7,500,000 20 Ketchikan International Airport Terminal 21 Knik Arm Port Infrastructure 175,000,000 22 City of Kodiak - Kodiak Fire Station 15,000,000 23 City of Nenana - Nenana Fire Hall Replacement 5,000,000 24 Port of Nome - Deep Draft Port 10,000,000 25 City of Palmer - Warren "Bud" Woods 6,500,000 26 Palmer Municipal Airport Taxiway 27 City of Seward - Freight Dock Expansion and 5,000,000 28 Corridor Improvements 29 City of Wasilla - Wasilla Airport Runway and Terminal 14,100,000 30 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section 31 to read:
01 DEPARTMENT OF TRANSPORTATION AND PUBLIC FACILITIES. The amount 02 of $47,000,000 is appropriated from the 2022 state infrastructure project fund to the 03 Department of Transportation and Public Facilities to be allocated among the following 04 projects in the amounts listed subject to reallocation between projects in accordance with 05 AS 37.07.080(e): 06 PROJECT AMOUNT 07 Juneau Access $25,000,000 08 Northern Access Project to University Medical District 22,000,000 09 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 10 read: 11 UNIVERSITY OF ALASKA. The amount of $18,650,000 is appropriated from the 12 2021 state infrastructure project fund to the University of Alaska to be allocated for the 13 Bartlett and Moore Hall Modernization and Renewal project. 14 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 15 read: 16 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority of 17 the qualified voters of the state who vote on the question, the amount of $1,625,000 or as 18 much of that amount as is found necessary is appropriated from the proceeds of the bond sale 19 to the state bond committee to carry out the provisions of this Act and to pay expenses 20 incident to the sale and issuance of the bonds authorized in this Act. 21 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 22 read: 23 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 24 balances of the appropriations made in secs. 3 - 6 of this Act lapse under AS 37.25.020 and 25 are appropriated to the state bond committee to redeem bonds sold under this Act. The 26 amounts expended from the general fund to pay the principal, interest, and redemption 27 premium on bonds issued under this Act shall be reimbursed to the general fund from the 28 appropriation made under this section to the extent that the money is not needed to redeem the 29 bonds. 30 *Sec. 8 The uncodified law of the State of Alaska is amended by adding a new section to 31 read:
01 OFFICE OF MANAGEMENT AND BUDGET. Notwithstanding AS 37.10.087(a)(1), 02 if the issuance of the bonds is ratified by a majority of the qualified voters of the state who 03 vote on the question, any of the authorized state agencies with authorized projects will have 04 the ability to request use of the general fund for any funding required in advance of the 05 issuance of bonds in cooperation with the Office of Management and Budget and pursuant to 06 the procedure outlined in AS 37.10.087. Any encumbrances required for contracts, the cash 07 flows of which extend beyond two years, may be made from the general fund. All 08 encumbrances and infrastructure cash flow expenditure projections shall be updated at least 09 annually on June 30. 10 * Sec. 9. The uncodified law of the State of Alaska is amended by adding a new section to 11 read: 12 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 13 be issued shall be submitted to the qualified voters of the state at the next general election and 14 shall read substantially as follows: 15 P R O P O S I T I O N 16 State General Obligation $325,175,000 17 State Infrastructure Project Bonds 18 Shall the State of Alaska issue general obligation bonds in the 19 principal amount of not more than $325,175,000 for the purpose 20 of paying the cost of state infrastructure projects? 21 Bonds Yes [ ] 22 Bonds No [ ] 23 * Sec. 10. This Act takes effect immediately under AS 01.10.070(c).