2005-05-05                     House Journal                      Page 1615
 (d)  The state bond committee may contract for credit                                              
enhancement, underwriting, credit ratings, bond counsel, financial                                  
advisor, printing, and trustee services that the committee considers                                
necessary in financing the projects described in sec. 1 of this Act.                                
 (e)  There is created the 2005 state transportation project fund.                                  
The proceeds of the revenue obligations issued under this Act shall be                              
deposited into the 2005 state transportation project fund.                                          
 (f)  In this section,                                                                              
  (1)  "costs of construction" includes credit enhancement and                                      
underwriting expenses, rating agency fees, bond counsel fees,                                       
financial advisor fees, printing fees, trustee fees, and interest earnings                          
used for lease payments;                                                                            
  (2)  "revenue obligation" means a certificate of participation                                    
in the right to receive a payment under a lease-financing agreement                                 
made to finance the costs of construction or acquisition of a state                                 
transportation project.                                                                             
   * Sec. 5.  The uncodified law of the State of Alaska is amended by                             
adding a new section to read:                                                                       
 NOTICE AND APPROVAL OF AGREEMENTS.  Section 4 of                                                   
this Act constitutes the notice and approval of lease-financing                                     
agreements to finance the transportation projects described in sec. 1 of                            
this Act that is required by AS 36.30.085.                                                          
   * Sec. 6.  The uncodified law of the State of Alaska is amended by                             
adding a new section to read:                                                                       
 STATE TRANSPORTATION PROJECTS IN METROPOLITAN                                                      
PLANNING AREAS.  If an amount allocated in sec. 1 of this Act for                                   
a state transportation project in a metropolitan planning area is not                               
sufficient to complete the project, it is the intent of the legislature that                        
the metropolitan planning organization for the metropolitan planning                                
area include the project in the organization's transportation                                       
improvement program and fund the project to completion.                                             
   * Sec. 7.  This Act takes effect July 1, 2005."                                                
                                                                                                    
Representative Meyer moved and asked unanimous consent that                                         
Amendment No. 6 be adopted.  There being no objection, it was so                                    
ordered.                                                                                            
                                                                                                    
                                                                                                    
The question to be reconsidered:  "Shall CSHB 275(FIN) am pass the                                  
House?"  The roll was taken with the following result: