00 HOUSE BILL NO. 507 01 "An Act providing for and relating to the issuance of general obligation bonds for the 02 purpose of paying the cost of design, construction, and major maintenance of 03 educational facilities; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05  * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 06 to read: 07 GENERAL OBLIGATION BONDS. For the purpose of paying the cost of design, 08 construction, and major maintenance of educational facilities, general obligation bonds of the 09 state in the principal amount of not more than $53,036,800, if ratified by a majority of the 10 qualified voters of the state who vote on the question, shall be issued and sold. The full faith, 11 credit, and resources of the state are pledged to the payment of the principal of and interest 12 and redemption premium, if any, on the bonds. The bonds shall be issued under the 13 provisions of AS 37.15 as those provisions read at the time of issuance. 14  * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 01 read: 02 2004 EDUCATIONAL FACILITIES DESIGN, CONSTRUCTION, AND MAJOR 03 MAINTENANCE FUND. If the issuance of the bonds is ratified by a majority of the 04 qualified voters of the state who vote on the question, a special fund of the state to be known 05 as the "2004 educational facilities design, construction, and major maintenance fund" shall be 06 established, to which shall be credited the proceeds of the sale of the bonds described in sec. 1 07 of this Act except for the accrued interest and premiums. 08  * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 09 read: 10 UNIVERSITY OF ALASKA. The amount of $53,036,800 is appropriated from the 11 2004 educational facilities design, construction, and major maintenance fund to the University 12 of Alaska to be allocated among the following projects in the amounts listed subject to 13 reallocation between projects in accordance with AS 37.07.080(e): 14 PROJECT LOCATION AMOUNT 15 (1) Integrated Science Facility Anchorage $21,600,000 16 construction 17 (2) School of Fisheries and Juneau 7,000,000 18 Ocean Science research 19 facility design and 20 construction 21 (3) Bioinformational and Fairbanks 12,000,000 22 Computer Science 23 research facility 24 construction 25 (4) Safety code and Americans Statewide 5,973,800 26 with Disabilities Act 27 improvements 28 (5) Lucy Cuddy Center upgrade Anchorage 1,000,000 29 and renewal 30 (6) Bristol Bay classroom Dillingham 1,000,000 31 expansion construction 01 (7) Paul/Ziegler classroom Ketchikan 500,000 02 renovation 03 (8) Sitka campus improvements Sitka 250,000 04 (9) Tanana Valley campus Fairbanks 1,000,000 05 classroom expansion 06 and renovation 07 (10) Hendrickson Building Juneau 1,213,000 08 renovations 09 (11) Homer campus new facility Homer 500,000 10 classroom construction 11 (12) Prince William Sound Valdez 1,000,000 12 facilities classroom 13 construction 14  * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 15 read: 16 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority 17 of the qualified voters of the state who vote on the question, the amount of $265,184 or as 18 much of that amount as is found necessary is appropriated from the general fund of the state 19 to the state bond committee to carry out the provisions of this Act and to pay expenses 20 incident to the sale and issuance of the bonds authorized in this Act. The amounts expended 21 from the appropriation authorized by this section shall be reimbursed to the general fund from 22 the proceeds of the sale of the bonds authorized by this Act. 23  * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 24 read: 25 ADVANCE PLANNING. The amount withdrawn from the public facility planning 26 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 27 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds 28 authorized by this Act. 29  * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 30 read: 31 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 01 balance of the appropriation made in sec. 3 of this Act lapses under AS 37.25.020 and is 02 appropriated to the state bond committee to redeem bonds sold under this Act. The amounts 03 expended from the general fund to pay the principal, interest, and redemption premium on 04 bonds issued under this Act shall be reimbursed to the general fund from the appropriation 05 made under this section to the extent that the money is not needed to redeem the bonds. 06  * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 07 read: 08 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 09 be issued shall be submitted to the qualified voters of the state at the next general election and 10 shall read substantially as follows: 11 P R O P O S I T I O N 12 State General Obligation Educational Facilities $53,036,800 13 Design, Construction, and Major Maintenance Bonds 14 Shall the State of Alaska issue its general obligation bonds in the principal 15 amount of not more than $53,036,800 for the purpose of paying the cost of 16 design, construction, and major maintenance of educational facilities? 17 Bonds Yes [ ] 18 Bonds No [ ] 19 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).