SB 143: "An Act ratifying an agreement between the Alaska Housing Finance Corporation and the commissioner of revenue and making certain pledges to obligees of the corporation regarding that agreement; relating to the authorization for and 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 providing for an effective date."
00SENATE BILL NO. 143 01 "An Act ratifying an agreement between the Alaska Housing Finance Corporation 02 and the commissioner of revenue and making certain pledges to obligees of the 03 corporation regarding that agreement; relating to the authorization for and the 04 issuance of bonds by the Alaska Housing Finance Corporation to pay for the 05 costs of repair and rehabilitation of student housing facilities of the University 06 of Alaska; and providing for an effective date." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. PURPOSE. The purpose of this Act is to provide for the orderly transfer of 09 certain assets of the Alaska Housing Finance Corporation (corporation) to the general fund 10 through a transfer agreement between the corporation and the commissioner of revenue. The 11 Alaska Housing Finance Corporation has served an important public purpose by helping to 12 remedy the shortage of adequate housing throughout the state. The corporation has assisted 13 in providing Alaskans with rural housing and sewer and water systems, senior housing, special 14 needs housing, and low and moderate income housing through its various programs. The
01 corporation's resources must remain strong in order to continue progress in meeting these 02 housing needs, both directly and through borrowing in capital markets. In particular, capital 03 markets require assurances that payments by the corporation to the general fund are fixed at 04 a prudent and predictable level. It is the purpose of this Act to fix payments to the general 05 fund at a prudent and predictable level for the next five fiscal years through a formal transfer 06 agreement. It is also a purpose of this Act to authorize the corporation to issue bonds to 07 enable the University of Alaska to repair and rehabilitate student housing facilities. 08 * Sec. 2. TRANSFER AGREEMENT. The Alaska Housing Finance Corporation 09 (corporation) and the commissioner of revenue may enter into a transfer agreement that 10 provides for the transfer of certain assets of the corporation to the general fund from July 1, 11 1995 to June 30, 2000. The commissioner of revenue immediately shall notify the governor 12 and the legislature when the agreement has been signed. 13 * Sec. 3. RATIFICATION AND PLEDGE OF THE STATE. The agreement dated May 1, 14 1995 between the Alaska Housing Finance Corporation and the commissioner of revenue, 15 described in sec. 2 of this Act, is ratified. The state pledges to obligees of the corporation that 16 the state will not alter the power of the corporation to fulfill the terms of any other agreement 17 with an obligee of the corporation or, during the term of the transfer agreement ratified by this 18 Act, cause assets to be transferred from the corporation in excess of the amount set out in the 19 transfer agreement. 20 * Sec. 4. BOND AUTHORIZATION. The Alaska Housing Finance Corporation may issue 21 bonds under AS 18.56 in an aggregate principal amount not to exceed $30,000,000 to provide 22 amounts to the University of Alaska to pay costs of a project to repair and rehabilitate student 23 housing facilities owned by the University of Alaska and to pay related costs, and to provide 24 amounts for the Alaska Housing Finance Corporation to pay costs of issuing the bonds. The 25 Alaska Housing Finance Corporation and the University of Alaska may enter into an 26 agreement with respect to the transfer and expenditure of the bond proceeds for these purposes 27 by the University of Alaska. The Alaska Housing Finance Corporation shall pay the principal 28 and interest on the bonds from Alaska Housing Finance Corporation funds and the bonds 29 shall be general obligations of the Alaska Housing Finance Corporation. 30 * Sec. 5. Section 3 of this Act takes effect only if the transfer agreement described in 31 sec. 3 of this Act is signed on May 1, 1995. The commissioner of revenue immediately shall
01 notify the governor, the legislature, and the revisor of statutes when the transfer agreement has 02 been signed. 03 * Sec. 6. Sections 1, 2, and 4 of this Act take effect immediately under AS 01.10.070(c). 04 * Sec. 7. Except as provided in secs. 5 and 6 of this Act, this Act takes effect immediately 05 under AS 01.10.070(c), or May 1, 1995, whichever is later.