2001-01-12                     Senate Journal                      Page 0073
Funding for operations and capital improvements of the two airports is                              
covered by charges for the use of airport facilities, primarily paid by                             
commercial airlines, plus some federal capital grants. The new                                      
operating agreement under negotiation with the participating airlines                               
includes a five-year capital improvement program. The airlines have                                 
requested, and the airport system has agreed, to shift to revenue bond                              
funding rather than the historic method of financing capital                                        
improvements through annual capital charges paid by the airlines.                                   
While repayment of the bonded debt and debt service would still be                                  
covered with charges paid by the airlines, revenue bonds would allow                                
payments to be spread over the useful life of airport projects.                                     
                                                                                                    
The current bonding authority cap of $305 million has been exhausted.                               
The authority sought in this bill would increase the revenue bond                                   
authorization limit to permit two years of capital improvements to be                               
addressed in a single revenue bond issue, reducing costs related to the                             
debt issuance.                                                                                      
                                                                                                    
In order to assure timely project development, I urge your prompt and                               
favorable action on this measure.                                                                   
                                                                                                    
       Sincerely,                                                                                   
       /s/                                                                                          
       Tony Knowles                                                                                 
       Governor                                                                                     
                                                                                                    
SB 37                                                                                             
SENATE BILL NO. 37 BY SENATOR KELLY, entitled:                                                      
                                                                                                    
          "An Act relating to collective negotiation by                                             
          physicians with health benefit plans; and to health                                       
          benefit plan contracts with individual competing                                          
          physicians."                                                                              
                                                                                                    
was read the first time and referred to the Judiciary and Finance                                   
Committees.