00HOUSE BILL NO. 282                                                                                                      
01 "An Act relating to the authorization for and the issuance of revenue bonds by                                          
02 the University of Alaska to pay for the costs of repair and rehabilitation of                                           
03 buildings and other structures, excluding student housing and dormitories, of the                                       
04 University of Alaska; expanding the uses of the Alaska debt retirement fund to                                          
05 allow financing of the repair and rehabilitation of University of Alaska facilities;                                    
06 and providing for an effective date."                                                                                   
07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
08    * Section 1.  LEGISLATIVE INTENT.  It is the intent of the legislature that appropriations                           
09 for lease or other payments for debt service on the bonds authorized by this Act be made from                           
10 the Alaska debt retirement fund (AS 37.15.011).                                                                         
11    * Sec. 2.  AS 37.15.011(b) is amended to read:                                                                       
12  (b)  The Alaska debt retirement fund shall be invested by the Department of                                           
13 Revenue so as to yield competitive market rates, as provided in AS 37.10.071.  Money                                    
14 in the fund may be appropriated                                                                                         

01   (1)  for the purposes set out in AS 37.15.012;                                                                       
02   (2)  to reimburse municipalities for obligations authorized under                                                    
03 AS 14.11.100;                                                                                                           
04   (3)  to finance the acquisition of state facilities through lease-purchase                                           
05 agreements; [AND]                                                                                                       
06   (4)  to finance the acquisition and capital costs of repair and                                                     
07 rehabilitation of University of Alaska facilities through lease agreements, lease-purchase agreements, or other         
08 financing agreements; and                                                                                               
09   (5)  if an unobligated balance remains, to finance the design and                                                   
10 construction of capital projects.                                                                                       
11    * Sec. 3.  BOND AUTHORIZATION; PROJECT APPROVAL.  (a)  The University of                                             
12 Alaska may issue revenue bonds under AS 14.40.254 in an aggregate amount not to exceed                                  
13 $45,000,000 and may use the proceeds of the revenue bonds to pay for costs of a project to                              
14 repair and rehabilitate buildings and other structures, excluding student housing and                                   
15 dormitories, owned by the University of Alaska and to pay related costs, including the costs                            
16 of issuing the bonds.                                                                                                   
17  (b)  Regarding the project described in (a) of this section, notice is given under                                     
18 AS 14.40.253 that                                                                                                       
19   (1)  the anticipated annual payment amount is $4,045,000;                                                             
20   (2)  the anticipated financing is $81,420,000;                                                                        
21   (3)  the total construction, acquisition, and other costs of the project are                                          
22 $42,215,000.                                                                                                            
23  (c)  This section grants the legislative approval of the project required by                                           
24 AS 14.40.253.                                                                                                           
25    * Sec. 4.  This Act takes effect July 1, 1996 only if, by July 1, 1996, a bill is not enacted                        
26 into law to authorize capital appropriations or bonds for the purposes authorized by sec. 3 of                          
27 this Act that total at least $20,000,000.  Any amounts authorized for the issuance of bonds by                          
28 the Alaska Housing Finance Corporation for the purpose of financing the repair and                                      
29 rehabilitation of student housing facilities at the University of Alaska may not be counted in                          
30 determining whether the $20,000,000 authorization required by this section is met.