CSSB 310(FIN): "An Act providing for and relating to the issuance of general obligation bonds for the purpose of paying the state cost of school and University of Alaska capital projects; and providing for an effective date."
00CS FOR SENATE BILL NO. 310(FIN) 01 "An Act providing for and relating to the issuance of general obligation bonds 02 for the purpose of paying the state cost of school and University of Alaska 03 capital projects; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. The uncodified law of the State of Alaska is amended by adding a new 06 section to read: 07 GENERAL OBLIGATION BONDS. For the purpose of paying the state cost of school 08 and University of Alaska capital projects, general obligation bonds of the state in the principal 09 amount of not more than $237,573,000, if authorized by the qualified voters of the state, shall 10 be issued and sold. The full faith, credit, and resources of the state are pledged to the 11 payment of the principal of and interest and redemption premium, if any, on the bonds. The 12 bonds shall be issued under the provisions of AS 37.15 as those provisions read at the time 13 of issuance. 14 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section
01 to read: 02 SCHOOL PROJECTS FUND. If the issuance of the bonds is authorized by the 03 qualified voters of the state, a special fund of the state to be known as the "school projects 04 fund" shall be established, to which shall be credited the proceeds of the sale of the bonds 05 described in sec. 1 of this Act except for the accrued interest and premiums. 06 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section 07 to read: 08 DEPARTMENT OF EDUCATION AND EARLY DEVELOPMENT AND 09 UNIVERSITY. The amount of $237,573,000 is appropriated from the "school projects fund" 10 to the Department of Education and Early Development and the University of Alaska to be 11 allocated among the following projects in the amounts listed subject to reallocation between 12 projects in accordance with AS 37.07.080(e): 13 PROJECT COST 14 ED PROJECT NAME STATE SHARE 15 SCHOOLS 16 2 Petersburg - Fascia/Soffit Repair/Replace $ 112,000 17 3 - 4 Juneau Schools 18 Auke Bay Elementary Roof Replacement 653,000 19 Marie Drake Roof Replacement 599,000 20 Harborview Elementary Gym Replacement 106,000 21 High School Heating/Ventilation 65,000 22 High School Auxiliary Gym Floor Replacement 109,000 23 Floyd Dryden School Gym Floor 108,000 24 Gastineau Elementary Heating Coil Replacement 133,000 25 Floyd Dryden Middle School 3,629,000 26 5 Kake City - Kake Elementary School Addition 2,237,000 27 6 Kodiak Island Schools 28 Peterson Elementary Addition 756,000 29 Kodiak High School 1,106,000 30 7 - 9 Kenai/Soldotna Schools 31 McNeil Elementary Wastewater Plant 125,000
01 Kenai Central High School Reinsulate 367,000 02 Exterior Walls 03 Soldotna High School Roofing Replacement 644,000 04 10 - 25 Anchorage Schools 05 Bartlett High School, Phase I 3,500,000 06 Eagle River/Chugiak High School 14,563,000 07 East High School, Phase I 7,295,000 08 Service High School, Phase I 4,998,000 09 Wendler Middle School, Phase I 4,231,000 10 Denali Elementary, Replacement 8,211,000 11 District Wide Projects/Major Maintenance 11,730,000 12 26 - 28 Matanuska-Susitna Schools 13 Matanuska-Susitna - Fire Alarm System - 620,000 14 Five Schools 15 Matanuska-Susitna - Colony High School 159,000 16 Septic System 17 Matanuska-Susitna - Fuel Tank Replacement 126,000 18 Matanuska-Susitna Fire Sprinklers and Piping (3) 1,381,000 19 Matanuska-Susitna Boiler/Heater Replacement 221,000 20 (four schools) 21 Matanuska-Susitna Schools - Flooring Replacement 423,000 22 36 Lower Yukon - Pilot Station School 17,654,000 23 Replacement 24 37 Northwest Arctic Schools 25 Ambler K-12 Improvements 924,000 26 Kiana K-12 Improvements 1,395,000 27 38 Kashunamiut - Chevak School Replacement 28,272,000 28 Lower Yukon - Kotlik School Replacement 17,910,000 29 Bering Straits - Elim School, Phase III 12,146,000 30 Southwest Region Schools 31 39 Manokotak School Replacement 14,689,000
01 40 Pribilof Island - St. George School Remodel 4,385,000 02 $165,582,000 03 UNIVERSITY 04 4 University of Alaska - Southeast 05 Deferred Maintenance $ 1,687,000 06 7 - 9 AVTEC - Seward 07 Student Housing 4,200,000 08 10 - 25 University of Alaska - Anchorage 09 Consortium Library 36,000,000 10 Deferred Maintenance 4,220,000 11 26 - 28 Matanuska-Susitna Ortner Building Replacement 685,000 12 29 - 34 University of Alaska - Fairbanks 13 Deferred Maintenance 25,199,000 14 $71,991,000 15 GRAND TOTAL $237,573,000 16 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section 17 to read: 18 STATE BOND COMMITTEE. If the issuance of the bonds is authorized by the 19 qualified voters of the state, an amount equal to one percent of the principal amount of the 20 bonds, or as much of that amount as is found necessary is appropriated from the general fund 21 of the state to the state bond committee to carry out the provisions of this Act and to pay 22 expenses incident to the sale and issuance of the bonds authorized in this Act. The amounts 23 expended from the appropriation authorized by this section shall be reimbursed to the general 24 fund from the proceeds of the sale of the bonds authorized by this Act. 25 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section 26 to read: 27 ADVANCE PLANNING. The amount withdrawn from the public facility planning 28 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 29 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds 30 authorized by this Act. 31 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section
01 to read: 02 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 03 balance of the appropriation made in sec. 3 of this Act lapses under AS 37.25.020 and is 04 appropriated to the state bond committee to redeem bonds sold under this Act. The amounts 05 expended from the general fund to pay the principal, interest, and redemption premium on 06 bonds issued under this Act shall be reimbursed to the general fund from the appropriation 07 made under this section to the extent that the money is not needed to redeem the bonds. 08 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section 09 to read: 10 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 11 be issued shall be submitted to the qualified voters of the state at the next general election and 12 shall read substantially as follows: 13 P R O P O S I T I O N 14 State General Obligation School Bonds $237,573,000 15 Shall the State of Alaska issue its general obligation bonds in the 16 principal amount of not more than $237,573,000 for the purpose of 17 paying the cost of school and University of Alaska capital projects? 18 Bonds Yes [ ] 19 Bonds No [ ] 20 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).