CSHB 234(FIN) am: "An Act relating to the tobacco use education and cessation fund and to smoking education and cessation programs; relating to funding the tobacco use education and cessation fund; relating to financing of construction and major maintenance of public school facilities, facilities for the University of Alaska, and facilities for ports and harbors; authorizing the commissioner of revenue to sell the right to receive a portion of the anticipated revenue from a tobacco litigation settlement to the Northern Tobacco Securitization Corporation; relating to the deposit of certain anticipated revenue from a tobacco litigation settlement; authorizing the issuance of bonds by the Northern Tobacco Securitization Corporation with proceeds to finance public school construction and major maintenance, facilities for the University of Alaska, and facilities for ports and harbors; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 234(FIN) am 01 "An Act relating to the tobacco use education and cessation fund and to smoking 02 education and cessation programs; relating to funding the tobacco use education and 03 cessation fund; relating to financing of construction and major maintenance of public 04 school facilities, facilities for the University of Alaska, and facilities for ports and 05 harbors; authorizing the commissioner of revenue to sell the right to receive a portion of 06 the anticipated revenue from a tobacco litigation settlement to the Northern Tobacco 07 Securitization Corporation; relating to the deposit of certain anticipated revenue from a 08 tobacco litigation settlement; authorizing the issuance of bonds by the Northern 09 Tobacco Securitization Corporation with proceeds to finance public school construction 10 and major maintenance, facilities for the University of Alaska, and facilities for ports 11 and harbors; and providing for an effective date." 12 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
01 * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 02 to read: 03 FINDINGS; INTENT. (a) Except for the harbors and docks in Nome and Adak, the 04 facilities described in sec. 4(c)(3) of this Act are currently owned by the state and are in need 05 of substantial investment in capital maintenance and upgrades. The City of Nome is in need 06 of additional money for a capital project at the Nome harbor and dock. The Adak harbor and 07 dock facilities are currently in federal ownership but will pass to Adak interests in the fall of 08 2001. 09 (b) The legislature intends to provide for the required investment, and intends transfer 10 of ultimate ownership of and responsibility for the state-owned harbor facilities to local 11 municipalities. 12 (c) The legislature intends to provide public investment in the Adak harbor and dock 13 facilities under this Act if the ownership of the harbor and dock facilities is ultimately vested 14 in the City of Adak. 15 * Sec. 2. AS 37.05 is amended by adding a new section to read: 16 Sec. 37.05.580. Tobacco use education and cessation fund. (a) There is 17 created as a special account in the general fund the tobacco use education and 18 cessation fund into which shall be deposited 20 percent annually of the revenue 19 derived from the settlement of State v. Philip Morris, Incorporated, et al, No. 1JU-97- 20 915 CI (Alaska Super. 1997). The purpose of the tobacco use education and cessation 21 fund is to provide a source to finance the comprehensive smoking education, tobacco 22 use prevention, and tobacco control program authorized by AS 44.29.020(a)(15). 23 (b) The legislature may make appropriations from the tobacco use education 24 and cessation fund for the comprehensive smoking education, tobacco use prevention, 25 and tobacco control program established under AS 44.29.020(a)(15).--------- 26 (c) Nothing in this section creates a dedicated fund. 27 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 28 read: 29 SALE OF RIGHT TO RECEIVE ANTICIPATED SPECIAL REVENUE. (a) The 30 commissioner of revenue is authorized to sell to the Northern Tobacco Securitization 31 Corporation, a subsidiary corporation of the Alaska Housing Finance Corporation created
01 under AS 18.56.086, the right to receive 40 percent annually of the revenue derived from the 02 settlement of State of Alaska v. Philip Morris, Incorporated, et al, No. 1JU-97-915 CI (Alaska 03 Super. 1997). The sale of the right to receive revenue under this subsection is in addition to 04 the sale of the right to receive revenue under sec. 9, ch. 130, SLA 2000. 05 (b) The proceeds to the state of the sale of the right to receive revenue under (a) of 06 this section are anticipated to be at least $127,529,127. 07 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 08 read: 09 BOND AUTHORIZATION AND PROVISIONS. (a) The Northern Tobacco 10 Securitization Corporation is authorized to issue revenue bonds in principal amounts 11 sufficient to acquire the right to receive revenue described in sec. 3 of this Act from the 12 commissioner of revenue at a price agreed upon by the Northern Tobacco Securitization 13 Corporation and the commissioner of revenue. The bonds may be special, limited obligations 14 of the Northern Tobacco Securitization Corporation secured solely by the right to receive 15 revenue sold to the Northern Tobacco Securitization Corporation under sec. 3 of this Act, and 16 the Northern Tobacco Securitization Corporation may include in agreements with the 17 bondholders a pledge of the right to receive that revenue and the promise of the state to honor 18 that pledge. A pledge made under this section is subject to the provisions of AS 18.56.120, 19 and bonds issued under this section are subject to the provisions of AS 18.56.170, in each case 20 as though "corporation" in those statutes were to mean the Northern Tobacco Securitization 21 Corporation. 22 (b) Subject to agreements with bondholders and appropriation, the Northern Tobacco 23 Securitization Corporation shall make the proceeds of the bonds issued under (a) of this 24 section available to the 25 (1) Department of Education and Early Development to pay for expenditures 26 described in (c)(1) of this section, including reimbursement to the Department of Education 27 and Early Development for the expenditures; 28 (2) University of Alaska to pay for expenditures described in (c)(2) of this 29 section, including reimbursement to the University of Alaska for the expenditures; and 30 (3) Department of Transportation and Public Facilities to pay for expenditures 31 described in (c)(3) of this section, including reimbursement to the Department of
01 Transportation and Public Facilities for the expenditures. 02 (c) The proceeds of bonds issued under (a) of this section shall be used by the 03 (1) Department of Education and Early Development to pay for construction, 04 renovation, and improvement of public schools as follows: 05 PROJECT 06 Southwest Region - Togiak School Replacement $29,182,163 07 Bering Strait - Golovin School Phase III 9,888,192 08 Petersburg City - Fascia/Soffit Repair and Replacement 116,236 09 Yukon-Koyukuk - Nulato Structural Repairs 314,387 10 Bering Strait - Shishmaref School Roof Replacement/ 8,342,525 11 Renovate, Phase III 12 Iditarod Area - Blackwell School Heating Renovation/ 173,754 13 Site Repair 14 Sitka City Borough - Blatchley Exterior Renovation/Repair 346,500 15 Chatham - Angoon Elementary School Major Maintenance 2,066,257 16 Skagway City - Skagway Major Maintenance 35,598 17 Yupiit - Akiak School Repairs 177,571 18 Pribilof Island - St. George School Remodel 4,513,164 19 Galena - Project Education Food Service Renovation 261,806 20 Southwest Region - Clarks Point School Generator Building 35,989 21 Ketchikan - Schoenbar Renovation 4,891,992 22 Southwest Region - Koliganek School Improvement 451,993 23 Juneau City Borough - Juneau-Douglas High School 7,000,000 24 Renovation/ADA Upgrade __________ 25 TOTAL $67,798,127 26 (2) University of Alaska to pay for construction and renovation of university 27 facilities as follows: 28 PROJECT 29 University of Alaska - Southeast 30 Egan Classroom $ 2,000,000 31 Robertson/Hamilton Technical Education Complex Remodel 1,500,000
01 University of Alaska - Anchorage 02 Facility Acquisition and Renovation 13,000,000 03 University of Alaska - Fairbanks 04 Museum Expansion 8,000,000 05 __________ 06 TOTAL $ 24,500,000 07 (3) Department of Transportation and Public Facilities to pay for construction 08 and renovation of port and harbor facilities as follows: 09 PROJECT 10 Whittier - Whittier Small Boat Harbor $ 2,449,000 11 Valdez - Valdez Small Boat Harbor 3,212,000 12 Seldovia - Seldovia Small Boat Harbor 2,628,000 13 Petersburg - North Harbor, Middle Harbor, South Harbor 3,729,000 14 Ketchikan - Thomas Basin, Ryus Float, Bar Harbor South, 7,876,000 15 Bar Harbor North, Hole-in-the-Wall Harbor, Knudson 16 Cove Harbor 17 Sitka - Thomsen Harbor, Crescent Harbor, Sealing 4,469,000 18 Cove Harbor 19 Cordova - Cordova Harbor 4,876,000 20 Wrangell - Standard Harbor, Reliance Harbor, Inner 3,492,000 21 Harbor Fish and Game Dock, Shoemaker Harbor 22 Nome - Nome Harbor and Dock 2,000,000 23 Adak - Adak Boat Harbor 500,000 24 ___________ 25 TOTAL $ 35,231,000 26 (d) In this section, "Northern Tobacco Securitization Corporation" means the 27 subsidiary corporation of the Alaska Housing Finance Corporation created under 28 AS 18.56.086. 29 * Sec. 5. Section 1(b), ch. 130, SLA 2000, is repealed. 30 * Sec. 6. This Act takes effect July 1, 2001.