SB 54: "An Act authorizing and relating to the issuance of bonds by the Alaska Housing Finance Corporation for safe and clean water and hygienic sewage disposal facility capital projects and transportation projects; providing for the repayment of the bonds and bond costs; relating to the dividend paid to the state by the Alaska Housing Finance Corporation; and providing for an effective date."
00 SENATE BILL NO. 54 01 "An Act authorizing and relating to the issuance of bonds by the Alaska Housing 02 Finance Corporation for safe and clean water and hygienic sewage disposal facility 03 capital projects and transportation projects; providing for the repayment of the bonds 04 and bond costs; relating to the dividend paid to the state by the Alaska Housing Finance 05 Corporation; and providing for an effective date." 06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 07 * Section 1. AS 18.56.089(c) is amended to read: 08 (c) The corporation shall make a dividend available to the state each fiscal 09 year. The corporation shall pay the dividend for a current fiscal year to the state before 10 the end of that fiscal year. The legislature may appropriate the dividend for capital 11 projects. The corporation shall notify the commissioner of revenue of the amount of 12 each dividend under this subsection for inclusion in the state operating budget and 13 shall also notify the commissioner when each dividend is available for payment to the
01 state. The amount of the dividend for a current fiscal year is calculated as follows: 02 (1) the lesser of $103,000,000 or 75 percent of the adjusted change in 03 net assets of the corporation for the base fiscal year; 04 (2) minus the amount of money from the corporation used during that 05 current fiscal year for bond repayment and other costs related to the bonds issued 06 under 07 (A) ch. 26, SLA 1996, up to a maximum of $1,000,000; 08 (B) [SEC. 10(b), CH. 130, SLA 2000; 09 (C)] sec. 1, ch. 1, SSSLA 2002; 10 (C) [(D)] sec. 4, ch. 120, SLA 2004; 11 (D) sec. 2 of this Act; and 12 (3) minus any appropriation of unrestricted unencumbered money of 13 the corporation during the current fiscal year, other than an appropriation for the 14 corporation's operating budget. 15 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 16 read: 17 BOND AUTHORIZATION AND PROVISIONS. (a) Notwithstanding the limitation 18 in AS 18.56.090 or other provisions of law, the Alaska Housing Finance Corporation is 19 authorized to issue bonds in an amount sufficient to finance $15,730,000 in capital 20 improvements for village safe and clean water and hygienic sewage disposal facilities either 21 directly or as matching money required by grants for those purposes, and $85,900,000 to 22 finance matching money for federal aid eligible highway and aviation transportation projects. 23 AS 18.56.110 - 18.56.190 apply to bonds issued under this section. 24 (b) The Alaska Housing Finance Corporation shall make the proceeds of bonds issued 25 under (a) of this section available to government departments, agencies, and other government 26 entities identified in appropriations of the bond proceeds as necessary to accommodate the 27 construction schedule for each of the projects for which the bond proceeds are appropriated. 28 All income realized by the Alaska Housing Finance Corporation on the bond proceeds may be 29 used by the corporation solely for payments of the principal of and interest on the bonds or 30 other costs related to the bonds. 31 (c) The Alaska Housing Finance Corporation shall determine the amount of the
01 corporation's unrestricted revenue necessary, after payments under (b) of this section, for the 02 payment of costs related to the bonds and notify the legislature. 03 (d) The amount determined under (c) of this section necessary for the payment of all 04 costs associated with or related to the bonds, including principal and interest payments, shall 05 reduce the amount of the Alaska Housing Finance Corporation's dividend to the state under 06 AS 18.56.089, as amended by sec. 1 of this Act. 07 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).