SSSB 37: "An Act relating to the Education Facilities Financing Authority; and providing for an effective date."
00SPONSOR SUBSTITUTE FOR SENATE BILL NO. 37 01 "An Act relating to the Education Facilities Financing Authority; and providing 02 for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. FINDINGS. The legislature finds that 05 (1) there is an urgent need for improvement to existing primary and secondary 06 school and university facilities and for new primary and secondary school and university 07 facilities throughout the state; 08 (2) the establishment of the Education Facilities Financing Authority as 09 provided in this Act will provide an effective means of financing school and university 10 facilities. 11 * Sec. 2. AS 44.27 is amended by adding new sections to read: 12 Article 3. Education Facilities Financing Authority. 13 Sec. 44.27.100. Education Facilities Financing Authority. The Education 14 Facilities Financing Authority is created as a public corporation of the state in the
01 Department of Education. The authority is an instrumentality of the state but has a 02 legal existence independent of and separate from the state and has continuing 03 succession until its existence is terminated by law. The authority is subject to 04 AS 37.07 (Executive Budget Act). 05 Sec. 44.27.110. Board of directors. The authority is governed by a board of 06 three directors, consisting of the commissioner of revenue, the commissioner of 07 education, and the commissioner of transportation and public facilities. The directors 08 are subject to AS 39.50 (conflict of interest). Before entering upon the duties of 09 office, a director shall take and subscribe to an oath to perform the duties faithfully, 10 impartially, and justly to the best of the director's ability. A record of the oath shall 11 be filed in the Office of the Governor. 12 Sec. 44.27.120. Officers, quorum, and meetings. (a) The board of directors 13 shall elect one of their number as chair. The board shall elect a secretary and a 14 treasurer who need not be directors, and the same person may be elected to serve both 15 as secretary and treasurer. The powers of the authority are vested in the board of 16 directors, and two directors of the authority constitute a quorum. Action may be taken 17 and motions and resolutions adopted by the authority at any meeting by the affirmative 18 vote of at least two directors. A vacancy in the directorship of the authority does not 19 impair the right of a quorum to exercise all of the powers and perform all of the duties 20 of the authority. 21 (b) The directors and officers of the authority may meet and transact business 22 by an electronic medium if (1) public notice of the time and locations where the 23 meeting will be held by an electronic medium has been given in the same manner as 24 if the meeting were held in a single location; (2) participants and members of the 25 public in attendance can hear and have the same right to participate in the meeting as 26 if the meeting were conducted in person; and (3) copies of pertinent reference 27 materials, statutes, regulations, and audio-visual materials are reasonably available to 28 participants and to the public. A meeting by an electronic medium as provided in this 29 subsection has the same legal effect as a meeting in person. 30 (c) The authority may appoint persons as employees it considers advisable and 31 may employ professional advisors, counsel, technical experts, agents, and others as
01 appropriate. The employees of the authority are in the exempt service under 02 AS 39.25.110. 03 Sec. 44.27.130. Powers of the authority. The authority may 04 (1) sue and be sued; 05 (2) adopt and alter an official seal; 06 (3) make and enforce bylaws and regulations for the conduct of its 07 business and for the use of its services and facilities; 08 (4) maintain an office at any place in the state; 09 (5) acquire, hold, use, and dispose of its income, revenue, funds, and 10 money; 11 (6) acquire, rent, lease, hold, use, and dispose of other personal 12 property for its purposes; 13 (7) subject to AS 44.27.160, issue revenue bonds or notes and provide 14 for and secure payment of the revenue bonds or notes, provide for the rights of their 15 holders, and purchase, hold, and dispose of any of its revenue bonds or notes; 16 (8) fix and revise from time to time and charge and collect fees and 17 charges for the use of its services or facilities; 18 (9) accept gifts or grants from the United States, or from any 19 governmental unit or person, carry out the terms or provisions or make agreements 20 with respect to the gifts or grants, and do all things necessary, useful, desirable, or 21 convenient in connection with procuring, accepting, or disposing of the gifts or grants; 22 (10) do anything authorized by AS 44.27.100 - 44.27.250, through its 23 officers, agents, or employees, or by contracts with a person; 24 (11) make, enter into, and enforce all contracts necessary, convenient, 25 or desirable for the purposes of the authority or pertaining to a purchase or sale of 26 bonds or other investments, or the performance of its duties and execution of any of 27 its powers under AS 44.27.100 - 44.27.250; 28 (12) purchase or hold bonds at prices and in a manner the authority 29 considers advisable; 30 (13) adopt and amend regulations by motion, by resolution, or in 31 another manner permitted under the bylaws of the authority;
01 (14) procure insurance against any losses in connection with its 02 property, operations, or assets in amounts and from insurers it considers desirable; 03 (15) to the extent permitted under its contracts with the holders of 04 bonds or notes of the authority, consent to modification of the rate of interest, time and 05 payment of installment of principal or interest, security, or any other term of a bond 06 or note, contract, or agreement of any kind to which the authority is a party; and 07 (16) do all acts and things necessary, convenient, or desirable to carry 08 out the powers expressly granted or necessarily implied in AS 44.27.100 - 44.27.250. 09 Sec. 44.27.140. Issuance of bonds and pledges of assets. (a) Subject to 10 AS 44.27.160, the authority may issue its bonds or notes in principal amounts 11 sufficient to provide funds for the construction of schools or school facilities that are 12 projects approved under AS 14.11.015(a) and authorized by the legislature. 13 (b) Subject to AS 44.27.170, the authority may enter into agreements providing 14 for financial covenants or pledging amounts to secure bonds of municipalities or the 15 University of Alaska and pay amounts for the following: 16 (l) the reimbursement up to 70 percent of net payments as determined 17 by the authority made by a municipality that is a school district for the retirement of 18 principal and interest on bonds issued to pay the cost of constructing school facilities 19 that are projects approved under AS 14.11.015(a); 20 (2) the reimbursement up to 100 percent of the net payments as 21 determined by University of Alaska for the retirement of principal and interest on 22 bonds issued to pay the cost of constructing university facilities. 23 (c) Bonds or notes may be issued or agreements made for a facility under (a) 24 and (b) of this section only when 25 (1) the legislature has authorized the facility and its construction cost; 26 (2) for agreements made under (b) of this section, the legislature has 27 authorized the percentage of reimbursement that the authority shall agree to reimburse 28 with respect to the facility; and 29 (3) the commissioner of education has certified that 30 (A) the facility is designed in accordance with the energy 31 performance standards adopted under AS 44.42.020(a); or
01 (B) the designer and constructor of the facility have certified 02 that the facility will be designed and constructed in accordance with the energy 03 performance standards and regulations adopted under AS 44.42.020(a). 04 (d) The authority may issue its bonds or notes in principal amounts that it 05 considers necessary to provide funds for 06 (1) payment, funding, or refunding of the principal of, or interest or 07 redemption premiums on, bonds or notes issued by it, whether the bonds or notes or 08 interest to be funded or refunded have or have not become due; 09 (2) the establishment or increase of reserves to secure or to pay bonds 10 or notes or interest on bonds or notes and all other costs or expenses of the authority 11 incident to and necessary or convenient to carry out its corporation purposes and 12 powers. 13 (e) The authority and a municipality or the authority and the University of 14 Alaska may enter into agreements as provided by law providing for financial covenants 15 or pledging amounts for the benefit of bondholders of a municipality or the University 16 of Alaska to secure the reimbursement of the net payments to be made by the 17 municipality or the University of Alaska. 18 (f) Except as otherwise provided in AS 44.27.100 - 44.27.250 or by the 19 authority, every issue of bonds or notes shall be payable out of the revenue or funds 20 of the authority, subject only to agreements with the holders of particular bonds or 21 notes pledging particular revenue or funds. 22 (g) Bonds shall be authorized by resolution of the authority and shall be dated 23 and mature as the resolution may provide, except that a bond may not mature more 24 than 15 years from the date of its issue. Bonds shall bear interest at rates, be in the 25 denominations, be in the form, either coupon or registered, carry the registration 26 privileges, be executed in the manner, be payable in the medium of payment, at the 27 place or places, and be subject to the terms of redemption that the resolution or a 28 subsequent resolution may provide. Bonds or notes may be sold at a public or private 29 sale. 30 (h) The authority may disburse funds necessary to comply with the 31 construction and reimbursement provisions of (a) and (b) of this section. The authority
01 shall administer the reimbursement payments authorized under (b) of this section and 02 shall provide by regulation for the filing of applications for reimbursement, the form 03 of proof of costs for which application for reimbursement is made, and other 04 regulations necessary to administer this section. An agreement not to modify an 05 appropriation for construction or reimbursement after bonds or notes have been issued 06 for the purpose is valid. The authority shall exclude from the total school construction 07 cost of the local district all state and federal funds included in these costs except funds 08 provided under this section and AS 43.50.140. In approving applications for 09 reimbursement under (b)(1) of this section, the authority shall offset against the amount 10 of reimbursement authorized the amount of any funds distributed to the municipality 11 in the second preceding fiscal year from the school fund provided for in AS 43.50.140. 12 Sec. 44.27.150. Trust indentures and trust agreements. (a) In the discretion 13 of the authority, an issue of bonds may be secured by a trust indenture or trust 14 agreement between the authority and a corporate trustee, including a trust company, 15 bank, or national banking association, with corporate trust powers, located inside or 16 outside the state, or by a secured loan agreement or other instrument or under a 17 resolution giving powers to a corporate trustee by means of which the authority may 18 (1) make and enter into any and all the covenants and agreements with 19 the trustee or the holders of the bonds that the authority may determine to be necessary 20 or desirable, including, without limitation, covenants, provisions, limitations, and 21 agreements as to 22 (A) the application, investment, deposit, use, and disposition of 23 the proceeds of bonds of the authority or of money or other property of the 24 authority in which it has an interest; 25 (B) the terms and conditions upon which additional bonds of the 26 authority may be issued; and 27 (C) the vesting in a trustee of rights, powers, duties, funds, or 28 property in trust for the benefit of bondholders, including the right to enforce 29 payment, performance, and all other rights of the authority or of the 30 bondholders, under any agreement of the authority; 31 (2) pledge, mortgage, or assign money, agreements, property, or other
01 rights or assets of the authority either presently in hand or to be received in the future, 02 or both; and 03 (3) provide for other matters of like or different character that in any 04 way affect the security or protection of the bonds. 05 (b) For the purpose of securing one or more issues of its bonds, the authority 06 may establish one or more special funds, called "capital reserve funds," and shall pay 07 into the capital reserve funds the proceeds of the sale of its bonds and other money 08 that may be made available to the authority for the purposes of those funds from 09 another source. The funds shall be established only if the authority determines that the 10 establishment would enhance the marketability of the bonds. Money held in a capital 11 reserve fund, except as provided in this section, shall be used as required solely for (1) 12 the payment of the principal of, and interest on, bonds or of the sinking fund payments 13 with respect to those bonds, (2) the purchase or redemption of bonds, or (3) the 14 payment of a redemption premium required to be paid when those bonds are redeemed 15 before maturity; however, money in a fund may not be withdrawn from it at any time 16 in an amount that would reduce the amount of that fund to less than the capital reserve 17 requirement set out in (2) of this subsection, except for the purpose of making, with 18 respect to those bonds, payment, when due, of principal, interest, redemption 19 premiums, and the sinking fund payments for the payment of which other money of 20 the authority is not available. Income or interest earned by, or increment to, a capital 21 reserve fund, due to the investment of the fund or any other amounts in it, may be 22 transferred by the authority to other funds or accounts of the authority to the extent 23 that the transfer does not reduce the amount of the capital reserve fund below the 24 capital reserve fund requirement under (c) of this section. 25 (c) If the authority decides to issue bonds secured by a capital reserve fund, 26 the bonds may not be issued if the amount in the capital reserve fund is less than an 27 amount that may be established by resolution of the authority, called the "capital 28 reserve fund requirement," unless the authority, at the time of issuance of the 29 obligations, deposits in the capital reserve fund from the proceeds of the obligations 30 to be issued or from other sources, an amount which, together with the amount then 31 in the fund, is not less than the capital reserve fund requirement.
01 (d) In computing the amount of a capital reserve fund for the purpose of this 02 section, securities in which all or a portion of the funds are invested shall be valued 03 by a reasonable method established by the authority by resolution. Valuation on a 04 particular date shall include the amount of any interest earned or accrued to that date. 05 (e) The chair of the authority shall annually, not later than January 2, make 06 and deliver to the governor and the legislature a certificate stating the amount, if any, 07 required to restore a capital reserve fund to the capital reserve fund requirement. The 08 legislature may appropriate the amount described in this subsection, and all money 09 appropriated during the then current fiscal year by the legislature for the restoration 10 shall be deposited by the authority in the proper capital reserve fund. Nothing in this 11 section creates a debt or liability of the state. 12 (f) If the authority decides to covenant to issue bonds secured by a capital 13 reserve fund, the bonds may not be issued until 10 days after the authority has mailed 14 notification to the state bond committee and the Legislative Budget and Audit 15 Committee by certified mail of its intention to establish a capital reserve fund to secure 16 the bond issue. The notification must include the amount of the capital reserve fund 17 to be established and the amount of bonds proposed to be issued. The notification 18 must be accompanied by an estimate by the authority of the need to withdraw money 19 from the capital reserve fund during the term of the bond issue, the amount that it may 20 be necessary to withdraw, and the time at which withdrawals are estimated to be 21 needed. The authority shall annually prepare a revised estimate, considering the same 22 factors, and a statement of all withdrawals that have occurred from the date of issuance 23 of the bonds to the end of the calendar year. The revised estimate and statement shall 24 be submitted to the state bond committee and the Legislative Budget and Audit 25 Committee by January 30 of the year following preparation of the revised estimate. 26 Sec. 44.27.160. Bonding limitations. The authority may not issue bonds or 27 make agreements under AS 44.27.140 unless the money in the education facilities fund 28 (AS 44.27.200) equals or exceeds $1,200,000,000. 29 Sec. 44.27.170. Bond reimbursement limitation. The authority may not enter 30 into an agreement to reimburse a municipality or the University of Alaska for 31 payments made to retire principal and interest on bonds issued to construct education
01 facilities or University of Alaska facilities unless the money in the education facilities 02 fund (AS 44.27.200) equals or exceeds $1,200,000,000 and the bonds issued by the 03 municipality or the University of Alaska comply with AS 44.27.140(g), except that the 04 bonds need not be authorized by the authority. 05 Sec. 44.27.180. Nonliability on bonds. (a) Neither the members of the 06 authority nor a person executing the bonds is personally liable on the bonds or is 07 subject to personal liability or accountability as a result of the issuance of the bonds. 08 (b) Bonds issued by the authority do not constitute an indebtedness or other 09 liability of the state or of a political subdivision of the state, except the authority. 10 Bonds shall be payable solely from the income and receipts or other funds or property 11 of the authority. The authority may not pledge the faith or credit of the state or of a 12 political subdivision of the state, except the authority, to the payment of a bond. 13 Sec. 44.27.190. Pledge of the state. (a) The state pledges to and agrees with 14 the holders of bonds issued under AS 44.27.100 - 44.27.250 that the state will not limit 15 or alter the rights and powers vested in the authority by AS 44.27.100 - 44.27.250 to 16 fulfill the terms of a contract made by the authority with the holders and that the state 17 will not in any way impair the rights and remedies of the holders until the bonds, 18 together with the interest on them with interest on unpaid installments of interest, and 19 all costs and expenses in connection with an action or proceeding by or on behalf of 20 the holders are fully met and discharged. The authority is authorized to use this 21 pledge and agreement of the state in agreements involving holders of bonds of the 22 authority. 23 (b) The pledge of the state is limited to the express provisions of (a) of this 24 section and is not a guarantee, surety, promise, undertaking, or assurance of repayment 25 or performance of any obligation of the authority. 26 Sec. 44.27.200. Education facilities fund. (a) The education facilities fund 27 is established in the authority. The fund consists of appropriations made to the fund 28 by the legislature, and, subject to appropriation, the income of the fund. The authority 29 may enter into agreements for financial covenants or pledge amounts in the fund that 30 exceed $1,200,000,000 to secure the payment of bonds of the authority and may make 31 expenditures from the fund for the purposes of the agreements.
01 (b) The fund and any other funds of the authority shall be invested by the 02 Alaska Permanent Fund Corporation as agent of the authority in the manner provided 03 for assets of the permanent fund under AS 37.13.120 unless otherwise provided in a 04 trust agreement securing bonds. 05 Sec. 44.27.210. Annual audit. The authority shall have its financial records 06 audited annually by a certified public accountant. The legislative auditor may 07 prescribe the form and content of the financial records of the authority and may have 08 access to the records at any time. 09 Sec. 44.27.220. Annual report. Before March 1 of each year, the authority 10 shall submit to the governor and the legislature a comprehensive report describing 11 operations, income, and expenditures for the preceding 12-month period. 12 Sec. 44.27.250. Definitions. In AS 44.27.100 - 44.27.250, unless the context 13 requires otherwise, 14 (1) "authority" means the Education Facilities Financing Authority 15 established under AS 44.27.100; 16 (2) "bonds" means revenue bonds, notes, or other obligations of the 17 authority issued under AS 44.27.100 - 44.27.250; 18 (3) "fund" means the education facilities fund established under 19 AS 44.27.200. 20 * Sec. 3. AS 36.30.850(b) is amended by adding a new paragraph to read: 21 (38) contracts of the Education Facilities Financing Authority 22 (AS 44.27.100). 23 * Sec. 4. AS 39.25.110 is amended by adding a new paragraph to read: 24 (33) the employees of the Education Facilities Financing Authority. 25 * Sec. 5. AS 39.50.200(b) is amended by adding a new paragraph to read: 26 (56) Education Facilities Financing Authority (AS 44.27.100). 27 * Sec. 6. AUTHORIZATION OF FACILITIES. (a) The Education Facilities Financing 28 Authority established under AS 44.27.100, enacted in sec. 2 of this Act, is authorized under 29 AS 44.27.140(a) to issue its bonds for construction of the following facilities at the following 30 costs: 31 (1) Small Municipality or Rural
01 District Name Project/Location Amount 02 Kashunamiut Chevak School replacement $ 25,506,000 03 Lower Yukon Pilot Station K-12 expansion 18,036,000 04 Lower Yukon Kotlik K-12 expansion 18,692,000 05 Chatham Hobart Bay recovery of funds 59,000 06 Northwest Arctic Buckland School remediation 14,304,000 07 Southwest Region Togiak School replacement 27,687,000 08 Lower Kuskokwim Newtok 4,941,000 09 Yukon Flats Arctic Village K-12 2,762,000 10 remodel and expansion 11 Iditarod Takotna training center 1,123,000 12 Lower Yukon Sheldon Point K-12 expansion 11,102,000 13 Bering Strait Golovin 12,245,000 14 Denali Tri-Valley addition and remodel 12,874,000 15 Bering Strait Elim 12,198,000 16 Yupiit Akiachak replacement/renovation 14,274,000 17 Bering Strait Teller 12,146,000 18 Craig New secondary 17,937,000 19 Kuspuk Upper Kalskag 3,521,000 20 North Slope Bulk fuel systems upgrade 6,012,000 21 Bering Straits Diomede structural remediation 346,000 22 Northwest Arctic Kiana High School renovation 2,252,000 23 Southwest Region Koliganek basement repair 1,368,000 24 Sitka High school renovation 10,261,000 25 Delta/Greely Delta roof repair and fire alarm 1,074,000 26 replacement 27 Sitka Baranof renovation 5,926,000 28 Hoonah Roof, foundation, and fuel 1,294,000 29 tank replacement 30 Lake & Peninsula Pedro Bay renovation 1,008,000 31 Lake & Peninsula District wide fuel system upgrade 1,250,000
01 Chatham Tenakee retaining wall replacement 239,000 02 Northwest Arctic Noorvik High School renovation 2,664,000 03 Cordova School renovations 136,000 04 Chugach Whittier drainage 145,000 05 Lake & Peninsula District wide sprinkler systems 1,515,000 06 Annette Island Major maintenance renovation 3,556,000 07 Pelican Major maintenance 781,000 08 Lower Kuskokwim Mikelnguut Elitnaurviat roof repair 1,384,000 09 Lower Kuskokwim Bulk fuel tank repairs at 9 sites 3,160,000 10 Klawock Major maintenance 2,034,000 11 Wrangell Exterior windows 166,000 12 Alaska Gateway Northway wastewater treatment 144,000 13 Haines High school roof replacement 404,000 14 Galena Roofing and sprinkler renovation 1,277,000 15 Lower Yukon Hooper Bay major maintenance 1,607,000 16 Northwest Arctic Ambler High School renovation 2,009,000 17 Annette Island Asbestos abatement 118,000 18 Wrangell Civil site work 89,000 19 Kake District wide maintenance 3,001,000 20 Lower Kuskokwim Nelson Island, Tooksok Bay roof repairs 998,000 21 Tanana Electrical retrofit 278,000 22 Wrangell Parking development 264,000 23 Iditarod Lime Village oil spill remediation 396,000 24 Iditarod Grayling bulk fuel storage 163,000 25 Northwest Arctic Noatak major maintenance 254,000 26 Bristol Bay Sprinkler system 2,551,000 27 Lower Kuskokwim District wide water treatment: 8 sites 8,167,000 28 Southwest Region Weather protection - 4 buildings 772,000 29 Alaska Gateway Northway bulk fuel storage 178,000 30 Northwest Arctic Shungnak major maintenance 380,000 31 Alaska Gateway Mentasta bulk storage 562,000
01 Alaska Gateway Northway soil remediation 3,798,000 02 Hydaburg Heating system renovation 184,000 03 Nenana Handicap access improvements 139,000 04 Nenana Interior lighting 65,000 05 Hydaburg Major maintenance 857,000 06 Chatham Angoon High School major maintenance 302,000 07 (2) Large Municipality 08 School District Project Amount 09 Anchorage Romig roof replacement $ 1,785,000 10 Anchorage Birchwood roof replacement 960,000 11 Anchorage Taku elementary addition and 6,200,000 12 replacement 13 Anchorage Muldoon new elementary school 12,704,000 14 Anchorage Chugiak High School addition 9,500,000 15 Anchorage Central Junior High renovation 8,000,000 16 Anchorage Site acquisition: Muldoon middle and 2,850,000 17 Chugiak elementary schools 18 Anchorage Nunaka Valley renewal, programmatic, 5,400,000 19 and code upgrades 20 Anchorage Ocean View renewal, programmatic, 444,000 21 and code upgrades 22 Fairbanks Barnette School renovation 5,718,000 23 Fairbanks Denali School renovation 8,807,000 24 Fairbanks Hunter School renovation 3,195,000 25 Fairbanks Nordale School renovation 9,299,000 26 Fairbanks Physical plant renovation and addition 5,819,000 27 Fairbanks Food service facility 4,828,000 28 Juneau Marie Drake roof replacement 1,189,000 29 Juneau Mendenhall River School roof 2,231,000 30 replacement 31 Juneau Auke Bay School roof replacement 848,000
01 Juneau High school mechanical renovation 107,000 02 Juneau Floyd Dryden School floor replacement 184,000 03 Juneau High school overpass 202,000 04 Juneau Gastineau School heating repairs 183,000 05 Juneau Auke Bay School sewer treatment 112,000 06 Kenai District wide handicap access 869,000 07 improvements 08 Ketchikan Houghtaling School renovation 3,339,000 09 Ketchikan Valley Park School renovation 1,894,000 10 Matanuska-Susitna Talkeetna School addition and 7,568,000 11 renovation 12 Matanuska-Susitna Atlaska Middle School 30,526,000 13 (b) The Education Facilities Financing Authority is authorized under 14 AS 44.27.140(b)(2) to agree to pay amounts and to pay amounts sufficient to reimburse 100 15 percent of net payments, as determined by the authority, made by the University of Alaska 16 for the retirement of principal and interest on bonds issued to pay the following costs of 17 constructing the following university facilities: 18 Location Project Amount 19 Fairbanks UAF deferred maintenance code compliance $35,000,000 20 Anchorage UAA deferred maintenance code compliance 25,000,000 21 Southeast UAS deferred maintenance code compliance 2,000,000 22 Statewide System wide instructional equipment and 6,000,000 23 telecommunications 24 Anchorage UAA computer network improvements 1,500,000 25 Auke Cape UAF School of Fisheries Auke Cape Facility 1,500,000 26 Anchorage UAA Anchorage library facility 1,400,000 27 Anchorage UAA museum planning/match 500,000 28 Sitka UAS Sitka classroom renovations and 1,195,000 29 completion 30 Statewide System wide ADA compliance 1,000,000 31 Fairbanks UAF facility and infrastructure renovation 1,000,000
01 Kachemak Bay UAA Kachemak Bay renovation 200,000 02 Anchorage/Kodiak UAA Anchorage and Kodiak renovation 2,005,000 03 Ketchikan UAS Ketchikan Campus remodel/renovation 300,000 04 Bristol Bay UAF Bristol Bay classroom addition 900,000 05 Statewide UA Small Business Development programs 450,000 06 (c) The University of Alaska is authorized to issue bonds and enter into obligations 07 with the Education Facilities Financing Authority necessary to finance projects identified under 08 (b) of this section, as required under AS 14.40.253. 09 * Sec. 7. This Act takes effect immediately under AS 01.10.070(c).