00 HOUSE BILL NO. 245 01 "An Act authorizing the issuance of bonds by the Alaska Housing Finance 02 Corporation for certain capital projects of the University of Alaska; relating to 03 those bonds and to the appropriation of revenue of the Alaska Housing Finance 04 Corporation; and providing for an effective date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. LEGISLATIVE INTENT. The legislature intends to ensure the prudent 07 management of the Alaska Housing Finance Corporation to protect its excellent debt rating 08 by the nation's financial community and to preserve it as a valuable asset of the state. To 09 accomplish this goal, the sum of withdrawals for the repayment of bonds under sec. 2(c) of 10 this Act, for transfer to the general fund, and for expenditures on corporate funded capital 11 projects should not exceed the corporation's net income for the preceding fiscal year. The 12 Alaska Housing Finance Corporation projects that $103,000,000 will be available in each 13 fiscal year beginning with 1999 through 2006, for a total amount during the seven-year period 14 of $721,000,000. 01 * Sec. 2. BOND AUTHORIZATION AND PROVISIONS. (a) Notwithstanding the 02 limitation in AS 18.56.090 or other provisions of law, the Alaska Housing Finance 03 Corporation is authorized to issue up to $64,821,000 in bonds to finance capital projects of 04 the University of Alaska in accordance with appropriations of the bond proceeds. 05 AS 18.56.110 - 18.56.190 apply to bonds issued under this section, except that the bonds shall 06 mature not later than January 1, 2007. 07 (b) The Alaska Housing Finance Corporation shall make the proceeds of bonds issued 08 under (a) of this section available to the Department of Transportation and Public Facilities 09 as necessary to accommodate the construction schedule for each of the projects listed in (e) 10 of this section for which the bond proceeds are appropriated. All income realized by the 11 Alaska Housing Finance Corporation on the bond proceeds may be used by the corporation 12 solely for payments of the principal of and interest on the bonds or other costs related to the 13 bonds. 14 (c) The corporation shall determine the amount of unrestricted revenue necessary, after 15 payments under (b) of this section, for the payment of costs related to the bonds and notify 16 the legislature. 17 (d) Each year the corporation shall notify the legislature of the amount of unrestricted 18 revenue of the corporation, based on the corporation's net income for the preceding fiscal 19 year, remaining after subtracting the amount determined under (c) of this section that is 20 available and that may be appropriated for other purposes. If the corporation determines that 21 an additional amount of unrestricted revenue may be appropriated, the corporation shall also 22 notify the legislature of that additional amount. 23 (e) Subject to appropriation, the proceeds of bonds issued under (a) of this section 24 shall be used by the Department of Transportation and Public Facilities in amounts and for 25 projects as follows: 26 PROJECT LOCATION AMOUNT 27 (1) Hutchinson career center expansion Fairbanks $ 7,000,000 28 (2) Food service facility and Fairbanks 14,000,000 29 museum maintenance/renewal/ 30 replacement 31 (3) Construction of library Anchorage 30,470,000 01 (4) Science facility, sports facility and Anchorage 5,250,000 02 registration center maintenance/ 03 renewal/replacement 04 (5) Construction of classrooms Juneau 7,210,000 05 (6) Building maintenance/renewal/ Juneau 891,000 06 replacement 07 TOTAL $64,821,000 08 * Sec. 3. This Act is repealed July 1, 2007. 09 * Sec. 4. This Act takes effect immediately under AS 01.10.070(c).