HB 107: "An Act providing for the issuance of general obligation bonds in the amount of $40,000,000 for the acquisition of classroom instructional equipment and materials and library computer automation and resource sharing systems; and providing for an effective date."
00HOUSE BILL NO. 107 01 "An Act providing for the issuance of general obligation bonds in the amount 02 of $40,000,000 for the acquisition of classroom instructional equipment and 03 materials and library computer automation and resource sharing systems; and 04 providing for an effective date." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. For the purpose of acquiring classroom instructional equipment and materials 07 and library computer automation and resource sharing systems, general obligation bonds of 08 the state in the principal amount of not more than $40,000,000 shall be issued and sold. The 09 full faith, credit, and resources of the state are pledged to the payment of the principal of and 10 interest and redemption premium, if any, on the bonds. The bonds shall be issued under the 11 provisions of AS 37.15 as those provisions read at the time of issuance; however, the bonds 12 may not be issued in amounts that will cause the debt service on the bonds to exceed five 13 percent of projected unrestricted general fund receipts in the years when the bonds are repaid. 14 * Sec. 2. If the issuance of the bonds is authorized by the qualified voters of the state, a
01 special fund of the state to be known as the "1994 Education and Library Technology Fund" 02 shall be established, to which shall be credited the proceeds of the sale of the bonds described 03 in sec. 1 of this Act except for the accrued interest and premiums. 04 * Sec. 3. The amount of $37,000,000 is appropriated from the "1994 Education and Library 05 Technology Fund" to the Alaska education technology fund (AS 14.30.810) to be allocated 06 for classroom instructional equipment and materials. 07 * Sec. 4. The amount of $3,000,000 is appropriated from the "1994 Education and Library 08 Technology Fund" to the Alaska education technology fund (AS 14.30.810) to be allocated 09 for library computer automation and resource sharing systems for publicly funded libraries. 10 * Sec. 5. If the issuance of the bonds is authorized by the qualified voters of the state, the 11 amount of $140,000 or as much of that amount as is found necessary is appropriated from the 12 general fund of the state to the state bond committee to carry out the provisions of this Act 13 and to pay expenses incident to the sale and issuance of the bonds authorized in this Act. The 14 amounts expended from the appropriation authorized by this section shall be reimbursed to 15 the general fund from the proceeds of the sale of the bonds authorized by this Act. 16 * Sec. 6. The unexpended and unobligated balance of the appropriations made in secs. 3 17 and 4 of this Act lapses under AS 37.25.020 and is appropriated to the state bond committee 18 to redeem bonds sold under this Act. The amounts expended from the general fund to pay 19 the principal, interest, and redemption premium on bonds issued under this Act shall be 20 reimbursed to the general fund from the appropriation made under this section to the extent 21 that the money is not needed to redeem the bonds. 22 * Sec. 7. The question whether the bonds authorized in this Act are to be issued shall be 23 submitted to the qualified voters of the state at the next general election and shall read 24 substantially as follows: 25 P R O P O S I T I O N 26 State General Obligation Education and Library 27 Technology Bonds $40,000,000 28 Shall the State of Alaska issue its general obligation bonds in 29 the principal amount of not more than $40,000,000 for the 30 purpose of acquiring classroom instructional equipment and 31 materials and library computer automation and resource sharing
01 systems? 02 Bonds Yes [ ] 03 Bonds No [ ] 04 * Sec. 8. This Act takes effect on the date of enactment of an Act passed by the Eighteenth 05 Alaska State Legislature creating the Alaska education technology fund.