00CS FOR SENATE BILL NO. 117(HES) am                                                                                    
01 "An Act relating to property insurance required for regional educational                                                
02 attendance areas."                                                                                                      
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1.  AS 14.03.150(a) is amended to read:                                                                  
05  (a)  Each school district shall purchase and maintain or provide proof of                                             
06 adequate property insurance for the replacement cost of all school facilities and                                       
07 equipment.   A school district that is a regional educational attendance area is not                                   
08 required to purchase and maintain or provide proof of coverage for losses due to                                        
09 (1) floods, except that the regional educational attendance area shall purchase and                                     
10 maintain or provide coverage for the school facilities that are located on a flood                                      
11 plain or flood prone area; or (2) earthquakes, except that the regional educational                                     
12 attendance area shall purchase and maintain or provide coverage for school                                              
13 facilities determined to be in an area where ground motion exceeds 0.2 second                                           
14 spectral acceleration of 75 percent gravity as delineated on the ground motion                                          

01 map for this state based on the United States Geological Survey investigation                                           
02 series maps I-2679.   Insurance purchased to comply with this section may contain a                                    
03 deductible amount, if approved by the department.  A school district may comply with                                    
04 this section by initiating and maintaining a program of self-insurance, if the department                               
05 annually determines that the school district has submitted adequate evidence of the                                     
06 district's ability to self-insure for the replacement cost of all school facilities and                                 
07 equipment.  A copy of the insurance policy or other information indicating compliance                                   
08 with this section shall be provided to the department.   In this subsection, "flood plain                              
09 or flood prone area" means a land area susceptible to being inundated by water                                          
10 from any source.