SB 311: "An Act providing for and relating to the issuance of general obligation bonds for the purpose of paying the state cost of port and harbor capital projects; and providing for an effective date."
00SENATE BILL NO. 311 01 "An Act providing for and relating to the issuance of general obligation bonds 02 for the purpose of paying the state cost of port and harbor capital projects; and 03 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 port 08 and harbor capital projects, general obligation bonds of the state in the principal amount of 09 not more than $32,000,312, if authorized by the qualified voters of the state, shall be issued 10 and sold. The full faith, credit, and resources of the state are pledged to the payment of the 11 principal of and interest and redemption premium, if any, on the bonds. The bonds shall be 12 issued under the provisions of AS 37.15 as those provisions read at the time of issuance. 13 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section 14 to read:
01 PORT AND HARBOR PROJECTS FUND. If the issuance of the bonds is authorized 02 by the qualified voters of the state, a special fund of the state to be known as the "port and 03 harbor projects fund" shall be established, to which shall be credited the proceeds of the sale 04 of the bonds described in sec. 1 of this Act except for the accrued interest and premiums. 05 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section 06 to read: 07 DEPARTMENT OF TRANSPORTATION AND PUBLIC FACILITIES. The amount 08 of $32,000,312 is appropriated from the "port and harbor projects fund" to the Department of 09 Transportation and Public Facilities to be allocated among the following projects in the 10 amounts listed subject to reallocation between projects in accordance with AS 37.07.080(e): 11 PROJECT COST 12 ED PROJECT NAME STATE SHARE 13 PORTS AND HARBORS 14 HARBORS TRANSFER PLAN 15 1 Ketchikan $ 7,000,000 16 2 Petersburg 3,300,000 17 3 - 4 Juneau Area Harbors 18 Auke Bay Harbor 492,325 19 Douglas Dock/Harbor 1,241,421 20 Taku Harbor 38,566 21 5 Klawock 860,000 22 7 - 9 Seldovia 2,500,000 23 35 Whittier 1,835,600 24 Valdez 3,013,500 25 Cordova 4,337,800 26 38 Nome 1,000,000 27 CORPS OF ENGINEERS MATCH 28 Program Formulation 100,000 29 1 Ketchikan Harbor Study 200,000 30 2 Wrangell 500,000 31 5 Kake 404,000
01 Metlakatla - Tamgass 850,000 02 6 Ouzinkie 1,300,000 03 7 - 9 Seward Harbor Expansion 2,925,000 04 40 Perryville Harbor Feasibility 102,100 05 TOTAL $32,000,312 06 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section 07 to read: 08 STATE BOND COMMITTEE. If the issuance of the bonds is authorized by the 09 qualified voters of the state, the amount of $112,001 or as much of that amount as is found 10 necessary is appropriated from the general fund of the state to the state bond committee to 11 carry out the provisions of this Act and to pay expenses incident to the sale and issuance of 12 the bonds authorized in this Act. The amounts expended from the appropriation authorized 13 by this section shall be reimbursed to the general fund from the proceeds of the sale of the 14 bonds authorized by this Act. 15 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section 16 to read: 17 ADVANCE PLANNING. The amount withdrawn from the public facility planning 18 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 19 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds 20 authorized by this Act. 21 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section 22 to read: 23 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 24 balance of the appropriation made in sec. 3 of this Act lapses under AS 37.25.020 and is 25 appropriated to the state bond committee to redeem bonds sold under this Act. The amounts 26 expended from the general fund to pay the principal, interest, and redemption premium on 27 bonds issued under this Act shall be reimbursed to the general fund from the appropriation 28 made under this section to the extent that the money is not needed to redeem the bonds. 29 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section 30 to read: 31 BALLOT QUESTION. The question whether the bonds authorized in this Act are to
01 be issued shall be submitted to the qualified voters of the state at the next general election and 02 shall read substantially as follows: 03 P R O P O S I T I O N 04 State General Obligation Port and Harbor Bonds $32,000,312 05 Shall the State of Alaska issue its general obligation bonds in the 06 principal amount of not more than $32,000,312 for the purpose of 07 paying the cost of port and harbor capital projects? 08 Bonds Yes [ ] 09 Bonds No [ ] 10 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).