00                             SENATE BILL NO. 186                                                                         
01 "An Act establishing a limit on the general obligation debt that may be authorized and                                  
02 issued by home rule and general law municipalities; and providing for an effective                                      
03 date."                                                                                                                  
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  AS 29.10.200 is amended by adding a new paragraph to read:                                           
06                 (60)  AS 29.47.185 and 29.47.305 (limitations on new or additional                                      
07       general obligation debt).                                                                                         
08    * Sec. 2.  AS 29.47 is amended by adding a new section to read:                                                    
09            Sec. 29.47.185.  Limitations on new or additional general obligation bonds.                              
10       (a)  A municipality may not incur new or additional general obligation bond debt for a                            
11       purpose described in AS 29.47.180 or for another purpose for which a municipality                                 
12       may authorize and issue its general obligation bonds if the proposed new or additional                            
13       general obligation bond debt, when added to the current total general obligation                                  
14       bonded indebtedness of the municipality, including the authorized but unsold bonds of                             
01       the municipality, would cause the total general obligation bonded indebtedness of the                             
02       municipality to exceed $15,000 per capita based on the number of residents of the                                 
03       municipality.                                                                                                     
04            (b)  For purposes of (a) of this section, the population of the municipality shall                           
05       be determined under AS 29.45.080(e) and 29.45.090(d).                                                             
06            (c)  The limitation of (a) of this section applies to the entire general obligation                          
07       bonded indebtedness of a unified municipality or borough, whether incurred as                                     
08       areawide debt, nonareawide debt, or debt involving a service area.                                              
09    * Sec. 3.  AS 29.47 is amended by adding a new section to read:                                                    
10            Sec. 29.47.305.  Limitations on new or additional bonds to refund general                                
11       obligation bonds of the municipality.  (a)  A municipality may not issue general                                
12       obligation refunding bonds if the general obligation refunding bond debt, when added                              
13       to the current total general obligation bonded indebtedness of the municipality,                                  
14       including the authorized but unsold bonds of the municipality, would cause the total                              
15       general obligation bonded indebtedness of the municipality to exceed $15,000 per                                  
16       capita based on the number of residents of the municipality.                                                      
17            (b)  For purposes of (a) of this section, the population of the municipality shall                           
18       be determined under AS 29.45.080(e) and 29.45.090(d).                                                             
19            (c)  The limitation of (a) of this section applies to the entire general obligation                          
20       bonded indebtedness of a unified municipality or borough, whether incurred as                                     
21       areawide debt, nonareawide debt, or debt involving a service area.                                                
22    * Sec. 4.  This Act takes effect immediately under AS 01.10.070(c).