HB 525: "An Act relating to the issuance of general obligation bonds for the purpose of paying the cost of deferred maintenance of public facilities; and providing for an effective date."
00 HOUSE BILL NO. 525 01 "An Act relating to the issuance of general obligation bonds for the purpose of paying 02 the cost of deferred maintenance of public facilities; and providing for an effective 03 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 section 06 to read: 07 GENERAL OBLIGATION BONDS. For the purpose of paying the cost of deferred 08 maintenance of public facilities, general obligation bonds of the state in the principal amount 09 of not more than $100,000,000, if ratified by a majority of the qualified voters of the state 10 who vote on the question, shall be issued and sold. The full faith, credit, and resources of the 11 state are pledged to the payment of the principal of and interest and redemption premium, if 12 any, on the bonds. The bonds shall be issued under the provisions of AS 37.15 as those 13 provisions read at the time of issuance. 14 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to
01 read: 02 PUBLIC FACILITY DEFERRED MAINTENANCE FUND. If the issuance of the 03 bonds is ratified by a majority of the qualified voters of the state who vote on the question, a 04 special fund of the state to be known as the "Public facility deferred maintenance fund" shall 05 be established, to which shall be credited the proceeds of the sale of the bonds described in 06 sec. 1 of this Act except for the accrued interest and premiums. 07 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 08 read: 09 DEPARTMENT OF TRANSPORTATION AND PUBLIC FACILITIES. The 10 amount of $100,000,000 is appropriated from the public facility deferred maintenance fund to 11 the Department of Transportation and Public Facilities to be allocated by the department to 12 projects selected by the department for deferred maintenance of public facilities. 13 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 14 read: 15 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority 16 of the qualified voters of the state who vote on the question, the amount of $350,000 or as 17 much of that amount as is found necessary is appropriated from the proceeds of the sale of the 18 bonds authorized by this Act to the state bond committee to carry out the provisions of this 19 Act and to pay expenses incident to the sale and issuance of the bonds authorized by this Act. 20 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 21 read: 22 ADVANCE PLANNING. Any amount withdrawn from the public facility planning 23 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 24 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds 25 authorized by this Act. 26 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 27 read: 28 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 29 balance of the appropriation made in sec. 3 of this Act lapses under AS 37.25.020 and is 30 appropriated to the state bond committee to redeem bonds sold under this Act. The amounts 31 expended from the general fund to pay the principal, interest, and redemption premium on
01 bonds issued under this Act shall be reimbursed to the general fund from the appropriation 02 made under this section to the extent that the money is not needed to redeem the bonds. 03 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 04 read: 05 BALLOT QUESTION. The question whether the bonds authorized by this Act are to 06 be issued shall be submitted to the qualified voters of the state at the next general election and 07 shall read substantially as follows: 08 P R O P O S I T I O N 09 State General Obligation Public Facility Deferred Maintenance 10 Bonds $100,000,000 11 Shall the State of Alaska issue its general obligation bonds in 12 the principal amount of not more than $100,000,000 for the 13 purpose of paying for the cost of deferred maintenance of public 14 facilities? 15 Bonds Yes [ ] 16 Bonds No [ ] 17 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).