00 CS FOR HOUSE BILL NO. 314(TRA) 01 "An Act providing for and relating to the issuance of general obligation bonds for the 02 purpose of paying the cost of state transportation projects; and providing for an 03 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 and 08 construction of state transportation projects, general obligation bonds of the state in the 09 principal amount of not more than $170,000,000, if ratified by a majority of the qualified 10 voters of the state who vote on the question, shall be issued and sold. The full faith, credit, 11 and resources of the state are pledged to the payment of the principal of and interest and 12 redemption premium, if any, on the bonds. The bonds shall be issued under the provisions of 13 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 2008 TRANSPORTATION PROJECT FUND. If the issuance of the bonds is ratified 03 by a majority of the qualified voters of the state who vote on the question, a special fund of 04 the state to be known as the "2008 transportation project fund" shall be established, to which 05 shall be credited the proceeds of the sale of the bonds described in sec. 1 of this Act except for 06 the accrued interest and premiums. 07 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 08 read: 09 DEPARTMENT OF TRANSPORTATION AND PUBLIC FACILITIES. The amount 10 of $151,100,000 is appropriated from the 2008 transportation project fund to the Department 11 of Transportation and Public Facilities to be allocated among the following projects in the 12 amounts listed subject to reallocation between projects in accordance with AS 37.07.080(e): 13 PROJECT AMOUNT 14 Gravina Access $45,000,000 15 Anchorage: Connect Anchorage 22,100,000 16 Project (Dowling Road - Old 17 Seward Highway to Minnesota 18 Drive) 19 Anchorage: Connect Anchorage 2,000,000 20 Study (Northern Access to 21 University Medical District Study) 22 Dalton Highway Improvements 14,000,000 23 Kenai Borough Road Projects 8,000,000 24 Nome: Snake River Bridge Replacement 10,000,000 25 Parks Highway: Weight Restriction Elimination 15,000,000 26 Seward Highway: Windy Corner Safety 20,000,000 27 Improvements 28 Steese Highway/Johansen Expressway 15,000,000 29 Area Traffic Improvements 30 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 31 read: 01 DEPARTMENT OF COMMERCE, COMMUNITY, AND ECONOMIC 02 DEVELOPMENT. The amount of $10,000,000 is appropriated from the 2008 transportation 03 project fund to the Department of Commerce, Community, and Economic Development to be 04 awarded as a grant under AS 37.05.315 to the Municipality of Anchorage for expansion of the 05 Port of Anchorage. 06 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 07 read: 08 DEPARTMENT OF NATURAL RESOURCES. The amount of $8,900,000 is 09 appropriated from the 2008 transportation project fund to the Department of Natural 10 Resources for the South Denali Access Road design and construction project. 11 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 12 read: 13 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority of 14 the qualified voters of the state who vote on the question, the amount of $850,000 or as much 15 of that amount as is found necessary is appropriated from the general fund of the state to the 16 state bond committee to carry out the provisions of this Act and to pay expenses incident to 17 the sale and issuance of the bonds authorized in this Act. The amounts expended from the 18 appropriation authorized by this section shall be reimbursed to the general fund from the 19 proceeds of the sale of the bonds authorized by this Act. 20 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 21 read: 22 ADVANCE PLANNING. The amount withdrawn from the public facility planning 23 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 24 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds 25 authorized by this Act. 26 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section to 27 read: 28 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 29 balances of the appropriations made in secs. 3 - 5 of this Act lapse under AS 37.25.020 and 30 are appropriated to the state bond committee to redeem bonds sold under this Act. The 31 amounts expended from the general fund to pay the principal, interest, and redemption 01 premium on bonds issued under this Act shall be reimbursed to the general fund from the 02 appropriation made under this section to the extent that the money is not needed to redeem the 03 bonds. 04 * Sec. 9. The uncodified law of the State of Alaska is amended by adding a new section to 05 read: 06 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 07 be issued shall be submitted to the qualified voters of the state at the next general election and 08 shall read substantially as follows: 09 P R O P O S I T I O N 10 State General Obligation $170,000,000 11 Transportation Project Bonds 12 Shall the State of Alaska issue its general obligation bonds in 13 the principal amount of not more than $170,000,000 for the 14 purpose of paying the cost of state transportation projects? 15 Bonds Yes [ ] 16 Bonds No [ ] 17 * Sec. 10. This Act takes effect immediately under AS 01.10.070(c).