Legislature(1999 - 2000)
1999-02-10 House Journal
Full Journal pdf1999-02-10 House Journal Page 0184 HB 84 HOUSE BILL NO. 84 by the House Rules Committee by request of the Governor, entitled: "An Act relating to international airports revenue bonds; and providing for an effective date." 1999-02-10 House Journal Page 0185 HB 84 was read the first time and referred to the Transportation and Finance Committees. The following fiscal note applies: Fiscal note, Dept. of Revenue, 2/10/99 The Governor's transmittal letter dated February 8, 1999, appears below: "Dear Speaker Porter: In the 1998 legislative session, I offered bond authorization bills (SB 277 and HB 382) to provide the financing needed for the Anchorage International Airport terminal redevelopment project. This project is the cornerstone of the larger Gateway Alaska initiative to improve the airport and connecting highway transportation infrastructure that makes Anchorage International Airport one of Alaska's most important economic engines. The Legislature approved the proposal, but lowered the bond authorization by approximately $25 million in anticipation of receiving Federal Aviation Administration (FAA) grant money toward the project in that amount. Late last year, the FAA approved the Anchorage International Airport's application for grant funds. However, the money will actually be disbursed over a 10-year period, as appropriated annually by Congress. This long-term pass-through of federal funds will disrupt the timely cash flow needed for construction of the project. Consistent with the Legislatures directive to secure federal funds for the project, today I transmit a bill to authorize the sale of $25 million in additional revenue bonds for the Anchorage International Airport terminal redevelopment project. This $25 million will provide the necessary cash flow until federal funds are received and will allow us to complete the project according to schedule. 1999-02-10 House Journal Page 0186 HB 84 The airport terminal project is already underway, with the support of air carriers. In order to ensure timely project development pending receipt of federal money, I urge your prompt and favorable action on this measure. Sincerely, /s/ Tony Knowles Governor"