SB 7: "An Act relating to reimbursement of school construction debt; and providing for an effective date."
00SENATE BILL NO. 7 01 "An Act relating to reimbursement of school construction debt; and providing for 02 an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 14.11.100(a) is amended to read: 05 (a) During each fiscal year, the state shall allocate to a municipality that is a 06 school district, the following sums: 07 (1) payments made by the municipality during the fiscal year two years 08 earlier for the retirement of principal and interest on outstanding bonds, notes, or other 09 indebtedness incurred before July 1, 1977 to pay costs of school construction; 10 (2) 90 percent of 11 (A) payments made by the municipality during the fiscal year 12 two years earlier for the retirement of principal and interest on outstanding 13 bonds, notes, or other indebtedness incurred after June 30, 1977, and before 14 July 1, 1978, to pay costs of school construction;
01 (B) cash payments made after June 30, 1976, and before July 1, 02 1978, by the municipality during the fiscal year two years earlier to pay costs 03 of school construction; 04 (3) 90 percent of 05 (A) payments made by the municipality during the fiscal year 06 two years earlier for the retirement of principal and interest on outstanding 07 bonds, notes, or other indebtedness incurred after June 30, 1978, and before 08 January 1, 1982, to pay costs of school construction projects approved under 09 AS 14.07.020(a)(11); 10 (B) cash payments made after June 30, 1978, and before July 1, 11 1982, by the municipality during the fiscal year two years earlier to pay costs 12 of school construction projects approved under AS 14.07.020(a)(11); 13 (4) subject to (h) and (i) of this section up to 90 percent of 14 (A) payments made by the municipality during the current fiscal 15 year for the retirement of principal and interest on outstanding bonds, notes, or 16 other indebtedness incurred after December 31, 1981, and authorized by the 17 qualified voters of the municipality before July 1, 1983, to pay costs of school 18 construction, additions to schools, and major rehabilitation projects that exceed 19 $25,000 and are approved under AS 14.07.020(a)(11); and 20 (B) cash payments made after June 30, 1982, and before July 1, 21 1983, by the municipality during the fiscal year two years earlier to pay costs 22 of school construction, additions to schools, and major rehabilitation projects 23 that exceed $25,000 and are approved under AS 14.07.020(a)(11); and 24 (C) payments made by the municipality during the current fiscal 25 year for the retirement of principal and interest on outstanding bonds, notes, or 26 other indebtedness to pay costs of school construction, additions to schools, and 27 major rehabilitation projects that exceed $25,000 and are submitted to the 28 Department of Education for approval under AS 14.07.020(a)(11) before July 1, 29 1983, and approved by the qualified voters of the municipality before 30 October 15, 1983, not to exceed a total project cost of (i) $6,600,000 if the 31 annual growth rate of average daily membership of the municipality is more
01 than 7 percent but less than 12 percent, or (ii) $20,000,000 if the annual growth 02 rate of average daily membership of the municipality is 12 percent or more; 03 payments made by a municipality under this paragraph on total project costs 04 that exceed the amounts set out in (i) and (ii) of this paragraph are subject to 05 (5)(A) of this subsection; 06 (5) subject to (h), (i), and (j) of this section, 80 percent of 07 (A) payments made by the municipality during the fiscal year for 08 the retirement of principal and interest on 09 (i) outstanding bonds, notes, or other indebtedness 10 authorized by the qualified voters of the municipality after 11 June 30, 1983, but before March 31, 1990, to pay costs of 12 school construction, additions to schools, and major 13 rehabilitation projects that exceed $25,000 and are approved 14 under AS 14.07.020(a)(11); 15 (ii) outstanding bonds, notes, or other indebtedness 16 authorized by the qualified voters of the municipality before July 1, 17 1989, and reauthorized before November 1, 1989, to pay costs of school 18 construction, additions to schools, and major rehabilitation projects that 19 exceed $25,000 and are approved under AS 14.07.020(a)(11); and 20 (B) cash payments made after June 30, 1983, by the 21 municipality during the fiscal year two years earlier to pay costs of school 22 construction, additions to schools, and major rehabilitation projects that exceed 23 $25,000 and are approved by the department before July 1, 1990, under 24 AS 14.07.020(a)(11); 25 (6) subject to (h), (i), and (j) of this section, 80 percent of 26 (A) payments made by the municipality during the fiscal 27 year for the retirement of principal and interest on outstanding bonds, 28 notes, or other indebtedness authorized by the qualified voters of the 29 municipality after March 30, 1990, to pay costs of school construction, 30 additions to schools, and major rehabilitation projects that exceed $25,000 31 and are approved under AS 14.07.020(a)(11); and
01 (B) cash payments made by the municipality during the 02 fiscal year two years earlier to pay costs of school construction, additions 03 to schools, and major rehabilitation projects that exceed $25,000 and are 04 approved by the department under AS 14.07.020(a)(11). 05 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).