00HOUSE BILL NO. 548                                                                                                      
01 "An Act relating to the construction of the Alaska Orbital Launch Complex by                                            
02 the Alaska Aerospace Development Corporation."                                                                          
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  ALASKA AEROSPACE DEVELOPMENT CORPORATION PROJECT                                                       
05 APPROVAL.  The construction of the Alaska Orbital Launch Complex in accordance with the                                 
06 plan of project construction reviewed and approved by the board of directors of the Alaska                              
07 Aerospace Development Corporation is approved.  This section provides the legislative                                   
08 approval required by AS 14.40.886.                                                                                      
09    * Sec. 2.  (a)  The approval of the legislature provided by sec. 1 of this Act does not in any                       
10 way imply that the                                                                                                      
11   (1)  faith and credit and taxing power of the State of Alaska or of a political                                       
12 subdivision of the state is pledged to the payment of an obligation connected with the                                  
13 construction of the Alaska Orbital Launch Complex;                                                                      
14   (2)  construction of the Alaska Orbital Launch Complex creates a legal or moral                                       

01 debt of the State of Alaska; or                                                                                         
02   (3)  payment of the obligations connected with the construction of the Alaska                                         
03 Orbital Launch Complex is directly or indirectly dependent upon an appropriation by the                                 
04 Alaska State Legislature.                                                                                               
05  (b)  Except as otherwise required by the statute governing the issuance of the form of                                 
06 indebtedness by the particular agency, if bonds, certificates of participation, or other forms of                       
07 indebtedness are issued for the construction of the Alaska Orbital Launch Complex authorized                            
08 by sec. 1 of this Act, each form of indebtedness must contain on its face a statement that                              
09   (1)  the State of Alaska and political subdivisions of the state, other than the                                      
10 issuing agency, are not obligated to pay the obligation represented by the evidence of                                  
11 indebtedness;                                                                                                           
12   (2)  the faith and credit and taxing power of the State of Alaska or of a political                                   
13 subdivision of the state are not pledged to the payment of any obligation connected with the                            
14 construction of the Alaska Orbital Launch Complex;                                                                      
15   (3)  the construction of the Alaska Orbital Launch Complex does not create a                                          
16 legal or moral debt of the State of Alaska; and                                                                         
17   (4)  payment of the obligations connected with the construction of the Alaska                                         
18 Orbital Launch Complex is not directly or indirectly dependent upon an appropriation by the                             
19 Alaska State Legislature.