00CS FOR HOUSE BILL NO. 236(FIN)                                                                                          
01 "An Act giving notice of and approving a lease-purchase agreement by the                                                
02 Department of Administration for an office building in Anchorage; relating to the                                       
03 financing of the lease-purchase agreement; relating to the municipal taxation of                                        
04 certain lease interests in the building; and providing for an effective date."                                          
05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
06    * Section 1.  NOTICE AND APPROVAL OF LEASE-PURCHASE AGREEMENT.  The                                                  
07 Department of Administration is authorized to enter into a lease-purchase agreement to acquire                          
08 an office building in Anchorage, Alaska.  The state bond committee created under                                        
09 AS 37.15.110 shall oversee the financing and is authorized to provide for issuance of                                   
10 certificates of participation for the lease-purchase agreement.  The total construction,                                
11 acquisition, and other costs of the project shall be less than $38,950,000.  The annual amount                          
12 of the rental obligation shall be less than $4,070,000.  The total lease payments for the full                          
13 term of the agreement shall be less than $81,400,000.  The state shall own the office building                          
14 at the end of the lease term.  When the building is state property exempt under                                         

01 AS 29.45.030(a)(1), the state shall pay to the municipality under AS 29.45.030(a)(1)(A) the                             
02 property taxes attributable to the private tenants in the office building.  This section constitutes                    
03 the notice and approval required by AS 36.30.085.                                                                       
04    * Sec. 2.  This Act takes effect immediately under AS 01.10.070(c).