00 SENATE BILL NO. 304 01 "An Act authorizing the issuance of bonds by the Alaska Housing Finance 02 Corporation to pay for the costs of repair and rehabilitation of student housing 03 facilities of the University of Alaska; authorizing the issuance of bonds by the 04 University of Alaska to pay for the costs of repair and rehabilitation of facilities 05 of the University of Alaska; amending powers of the Alaska Housing Finance 06 Corporation; amending the definition of `public building'; relating to the Alaska 07 debt retirement fund; and providing for an effective date." 08 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 09 * Section 1. LEGISLATIVE INTENT. It is the intent of the legislature that appropriations 10 for lease or other payments for debt service on the bonds authorized by this Act be made from 11 the Alaska debt retirement fund (AS 37.15.011). 12 * Sec. 2. AS 18.55.100(a)(15) is amended to read: 13  (15) arrange or contract for the financing, design, construction, and 14 acquisition of public buildings for lease to the state or the University of Alaska in 01 accordance with AS 18.55.010 - 18.55.290; 02 * Sec. 3. AS 18.55.288(3) is amended to read: 03  (3) "public building" means a publicly owned structure that is subject 04 to a financing agreement with the state or the University of Alaska or that is 05 leased to the state or the University of Alaska, and that is used for governmental, 06 public, or educational purposes [USE]. 07 * Sec. 4. AS 37.15.011(b) is amended to read: 08  (b) The Alaska debt retirement fund shall be invested by the Department of 09 Revenue so as to yield competitive market rates, as provided in AS 37.10.071. Money 10 in the fund may be appropriated 11  (1) for the purposes set out in AS 37.15.012; 12  (2) to reimburse municipalities for obligations authorized under 13 AS 14.11.100; 14  (3) to finance the acquisition of state facilities through lease-purchase 15 agreements; [AND] 16  (4) to finance the acquisition and capital costs of repair and 17 rehabilitation of University of Alaska facilities through lease-purchase agreements 18 or other financing agreements; and 19  (5) if an unobligated balance remains, to finance the design and 20 construction of capital projects. 21 * Sec. 5. (a) The Alaska Housing Finance Corporation may issue bonds under 22 AS 18.55.140 in an aggregate principal amount not to exceed $30,000,000 to provide money 23 for loans to the University of Alaska to pay costs of repair and rehabilitation of student 24 housing facilities owned by the University of Alaska and to pay related costs, including costs 25 of issuing the bonds. The Alaska Housing Finance Corporation may lend the proceeds of the 26 bonds to the University of Alaska. The University of Alaska may borrow the proceeds of the 27 bonds for the purposes described in this section. The Alaska Housing Finance Corporation 28 and the University of Alaska may enter into agreements, including leases, and may transfer 29 title to property or create security interests in property, or both, as they consider appropriate, 30 to provide for and secure the repayment of a loan made under this section. Bonds described 31 in this section are special obligations of the Alaska Housing Finance Corporation payable only 01 from revenue and receipts derived under an agreement with the University of Alaska described 02 in this section. 03 (b) Subsection (a) of this section grants the legislative approval of the project required 04 by AS 18.55.100(d). 05 * Sec. 6. (a) The University of Alaska may issue bonds under AS 14.40.254 in an 06 aggregate principal amount not to exceed $45,000,000 and may use the proceeds of the 07 revenue bonds to pay for costs of repair and rehabilitation of buildings and other structures 08 owned by the University of Alaska and to pay related costs, including costs of issuing the 09 bonds. 10 (b) Regarding the project described in (a) of this section, notice is given under 11 AS 14.40.253 that 12 (1) the anticipated annual 13 payment amount is . . . . . . . . . . . . . . . . . . . . . . . . . $3,723,900; 14 (2) the anticipated financing 15 (total lease payments for the full-term lease) is . . . . . . . . .$74,458,084; 16 (3) the total construction, acquisition 17 or other costs of the project are . . . . . . . . . . . . . . . . .$40,376,100; 18 (c) Subsection (a) of this section grants the legislative approval of the project required 19 by AS 14.40.253. 20 * Sec. 7. This Act takes effect immediately under AS 01.10.070(c).