CSSB 304(HES): "An Act authorizing the issuance of bonds by the Alaska Housing Finance Corporation to pay for the costs of repair and rehabilitation of student housing facilities of the University of Alaska and for the construction of new student housing facilities at the University of Alaska Anchorage and the University of Alaska Southeast; authorizing the issuance of bonds by the University of Alaska to pay for the costs of repair and rehabilitation of facilities of the University of Alaska; amending powers of the Alaska Housing Finance Corporation; amending the definition of `public building'; and relating to the Alaska debt retirement fund; and providing for an effective date."
00CS FOR SENATE BILL NO. 304(HES) 01 "An Act authorizing the issuance of bonds by the Alaska Housing Finance 02 Corporation to pay for the costs of repair and rehabilitation of student housing 03 facilities of the University of Alaska and for the construction of new student 04 housing facilities at the University of Alaska Anchorage and the University of 05 Alaska Southeast; authorizing the issuance of bonds by the University of Alaska 06 to pay for the costs of repair and rehabilitation of facilities of the University of 07 Alaska; amending powers of the Alaska Housing Finance Corporation; amending 08 the definition of `public building'; and relating to the Alaska debt retirement 09 fund; and providing for an effective date." 10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 11 * Section 1. LEGISLATIVE INTENT. It is the intent of the legislature that appropriations 12 for lease or other payments for debt service on the bonds authorized by this Act be made from 13 the Alaska debt retirement fund (AS 37.15.011). 14 * Sec. 2. AS 18.55.100(a)(15) is amended to read:
01 (15) arrange or contract for the financing, design, construction, and 02 acquisition of public buildings for lease to the state or the University of Alaska in 03 accordance with AS 18.55.010 - 18.55.290; 04 * Sec. 3. AS 18.55.288(3) is amended to read: 05 (3) "public building" means a publicly owned structure that is subject 06 to a financing agreement with the state or the University of Alaska or that is 07 leased to the state or the University of Alaska, and that is used for governmental, 08 public, or educational purposes [USE]. 09 * Sec. 4. AS 37.15.011(b) is amended to read: 10 (b) The Alaska debt retirement fund shall be invested by the Department of 11 Revenue so as to yield competitive market rates, as provided in AS 37.10.071. Money 12 in the fund may be appropriated 13 (1) for the purposes set out in AS 37.15.012; 14 (2) to reimburse municipalities for obligations authorized under 15 AS 14.11.100; 16 (3) to finance the acquisition of state facilities through lease-purchase 17 agreements; [AND] 18 (4) to finance the acquisition and capital costs of repair and 19 rehabilitation of University of Alaska facilities through lease-purchase agreements 20 or other financing agreements; and 21 (5) if an unobligated balance remains, to finance the design and 22 construction of capital projects. 23 * Sec. 5. (a) The Alaska Housing Finance Corporation may issue bonds under 24 AS 18.55.140 in an aggregate principal amount not to exceed $64,500,000. Of the bonds 25 authorized by this section, bonds in an amount not to exceed $30,000,000 may be issued to 26 provide money for loans to the University of Alaska to pay costs of repair and rehabilitation 27 of student housing facilities owned by the University of Alaska and to pay related costs, 28 including costs of issuing the bonds, bonds in an amount not to exceed $28,500,000 may be 29 issued for the planning, design, construction, and furnishing of new student housing facilities 30 at the Anchorage campus of the University of Alaska and to pay related costs, including costs 31 of issuing the bonds, and bonds in an amount not to exceed $6,000,000 may be issued for the
01 planning, design, construction, and furnishing of new student housing facilities at the 02 University of Alaska Southeast and to pay related costs, including costs of issuing the bonds. 03 The Alaska Housing Finance Corporation may lend the proceeds of the bonds to the 04 University of Alaska. The University of Alaska may borrow the proceeds of the bonds for 05 the purposes described in this section. The Alaska Housing Finance Corporation and the 06 University of Alaska may enter into agreements, including leases, and may transfer title to 07 property or create security interests in property, or both, as they consider appropriate, to 08 provide for and secure the repayment of a loan made under this section. Bonds described in 09 this section are special obligations of the Alaska Housing Finance Corporation payable only 10 from revenue and receipts derived under an agreement with the University of Alaska described 11 in this section. 12 (b) Subsection (a) of this section grants the legislative approval of the project required 13 by AS 18.55.100(d). 14 * Sec. 6. (a) The University of Alaska may issue bonds under AS 14.40.254 in an 15 aggregate principal amount not to exceed $45,000,000 and may use the proceeds of the 16 revenue bonds to pay for costs of repair and rehabilitation of buildings and other structures 17 owned by the University of Alaska and to pay related costs, including costs of issuing the 18 bonds. 19 (b) Regarding the project described in (a) of this section, notice is given under 20 AS 14.40.253 that 21 (1) the anticipated annual payment amount is . . . . . . . . . . $3,723,900; 22 (2) the anticipated financing (total lease payments for the full-term lease) 23 is. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$74,458,084; 24 (3) the total construction, acquisition, or other costs of the project are 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $40,376,100; 26 (c) Subsection (a) of this section grants the legislative approval of the project required 27 by AS 14.40.253. 28 * Sec. 7. This Act takes effect immediately under AS 01.10.070(c).