SCS CSHB 525(FIN) am S: "An Act providing for and relating to the issuance of state guaranteed transportation revenue anticipation bonds in a principal amount of not more than $102,805,000 for the purpose of paying the cost of transportation projects that qualify for federal highway aid and the allocation of those bond proceeds; relating to the issuance of general obligation bonds in a principal amount of not more than $123,914,500 for the purpose of paying the cost of state transportation projects; and providing for an effective date."
00 SENATE CS FOR CS FOR HOUSE BILL NO. 525(FIN) am S 01 "An Act providing for and relating to the issuance of state guaranteed transportation 02 revenue anticipation bonds in a principal amount of not more than $102,805,000 for the 03 purpose of paying the cost of transportation projects that qualify for federal highway 04 aid and the allocation of those bond proceeds; relating to the issuance of general 05 obligation bonds in a principal amount of not more than $123,914,500 for the purpose of 06 paying the cost of state transportation projects; and providing for an effective date." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 09 to read: 10 BOND AUTHORIZATION. For the purpose of paying the cost of accelerated 11 transportation projects in this state that qualify for federal highway aid, state guaranteed 12 transportation revenue anticipation bonds of the state in the principal amount of not more than 13 $102,805,000 shall be issued and sold if ratified by a majority of the qualified voters of the
01 state who vote on the question. 02 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 03 read: 04 PLEDGE OF STATE CREDIT. The full faith, credit, and resources of the state are 05 pledged to the payment of the principal and interest and redemption premium, if any, on the 06 bonds authorized in sec. 1 of this Act. However, it is the intent of the legislature that, to the 07 extent permitted by federal law, the principal and interest on the bonds shall be repaid with 08 appropriations made from federal highway aid granted to the state under the Transportation 09 Equity Act for the 21st Century (P.L. 105-178) or any other subsequently enacted federal law 10 providing federal highway aid for this purpose and with any interest earned from the 11 investment of bond proceeds if permitted by federal law. The bonds shall be issued under the 12 provisions of AS 37.15 as those provisions read at the time of issuance. 13 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 14 read: 15 BOND PROCEEDS FUND ESTABLISHED. If the issuance of the bonds described 16 in sec. 1 of this Act is ratified by a majority of the qualified voters of the state who vote on the 17 question, a special fund of the state to be known as the "accelerated Alaska transportation 18 projects fund" shall be established, to which shall be credited the proceeds of the sale of those 19 bonds, except for the accrued interest owed to bondholders. The fund may be invested as 20 provided in AS 37.10.071, and any earnings shall be retained in the fund and are considered 21 bond proceeds. 22 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 23 read: 24 BOND PROJECT ALLOCATIONS. The amount of $102,805,000 is appropriated 25 from the accelerated Alaska transportation projects fund to the Department of Transportation 26 and Public Facilities to be allocated among the following projects in the amounts listed, 27 subject to reallocation between projects in accordance with AS 37.07.080(e): 28 PROJECT ALLOCATION 29 (1) Bethel: Ptarmigan Street Improvement $ 1,480,000 30 (2) Fairbanks: Richardson Highway/North Pole Interchange 16,100,000 31 (3) Seward: Nash Road Rehabilitation 2,600,000
01 (4) Anchorage: C Street Phase III, Dimond Blvd. to 36,100,000 02 O'Malley Road, including interchange at O'Malley 03 Road and a grade separation for the Alaska Railroad 04 near 68th Avenue and C Street 05 (5) Kenai Peninsula: Kenai River Bridge 28,000,000 06 (6) Ketchikan: South Tongass Highway Widening and 5,000,000 07 Path Extension, Phase I 08 (7) Kodiak: Chiniak Road Rehabilitation, Phase I 6,000,000 09 (8) Matanuska-Susitna: Seward Meridian Road, 7,525,000 10 Parks to Seldon Road 11 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 12 read: 13 COSTS OF BOND ISSUANCE. If the issuance of the bonds described in sec. 1 of 14 this Act is ratified by a majority of the qualified voters of the state who vote on the question, 15 the amount of $514,025, or as much of that amount as is found necessary, is appropriated 16 from the general fund of the state to the state bond committee to carry out the provisions of 17 secs. 1 - 7 of this Act and to pay expenses incident to the sale and issuance of the bonds 18 authorized by sec. 1 of this Act. The amounts expended from the appropriation authorized by 19 this section shall be reimbursed to the general fund from the proceeds of the sale of the bonds 20 authorized by sec. 1 of this Act. 21 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 22 read: 23 REIMBURSEMENT OF STATE MONEY. The amount withdrawn from the public 24 facility planning fund (AS 35.10.135) for the purpose of advance planning for the capital 25 improvements financed under secs. 1 - 7 of this Act shall be reimbursed to the fund from the 26 proceeds of the sale of the bonds authorized by sec. 1 of this Act. 27 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 28 read: 29 BOND REDEMPTION. The unexpended and unobligated balance allocated for 30 projects in sec. 4 of this Act lapses under AS 37.25.020 and is appropriated to the state bond 31 committee to redeem bonds sold under sec. 1 of this Act. The amounts expended from the
01 general fund to pay the principal, interest, and redemption premium on bonds issued under 02 sec. 1 of this Act shall be reimbursed to the general fund from the appropriation made in this 03 section to the extent that the money is not needed to redeem the bonds. 04 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section to 05 read: 06 GENERAL OBLIGATION BONDS. For the purpose of paying the cost of state 07 transportation projects, general obligation bonds of the state in the principal amount of not 08 more than $123,914,500, if ratified by a majority of the qualified voters of the state who vote 09 on the question, shall be issued and sold. The full faith, credit, and resources of the state are 10 pledged to the payment of the principal of and interest and redemption premium, if any, on 11 the bonds. The bonds shall be issued under the provisions of AS 37.15 as those provisions 12 read at the time of issuance. 13 * Sec. 9. The uncodified law of the State of Alaska is amended by adding a new section to 14 read: 15 TRANSPORTATION PROJECT FUND. If the issuance of the bonds described in 16 sec. 8 of this Act is ratified by a majority of the qualified voters of the state who vote on the 17 question, a special fund of the state to be known as the "transportation project fund" shall be 18 established, to which shall be credited the proceeds of the sale of the bonds described in sec. 8 19 of this Act except for the accrued interest and premiums. 20 * Sec. 10. The uncodified law of the State of Alaska is amended by adding a new section to 21 read: 22 TRANSPORTATION PROJECT ALLOCATION. (a) The amount of $123,914,500 23 is appropriated from the transportation project fund to the Department of Transportation and 24 Public Facilities to be allocated among the following projects in the amounts listed subject to 25 reallocation between projects in accordance with AS 37.07.080(e): 26 PROJECT ALLOCATION 27 (1) Anchorage: Abbott Loop Extension and Reconstruction, $ 37,500,000 28 Abbott Road to 48th Avenue 29 (2) Donlin Creek: Donlin Creek Access Road 4,000,000 30 (3) Fairbanks: Downtown Street Improvements 8,000,000 31 (4) Kenai Peninsula: North Kenai Spur Road, MP 22 10,612,000
01 to 29.7 Repavement 02 (5) Ketchikan: Ketchikan Gateway Borough Road 600,000 03 Surface Treatment 04 (6) Ketchikan: North Tongass Highway, Ward Cove to 1,900,000 05 Whipple Creek Widening/Realign 06 (7) Kotzebue: Ted Stevens Way Reconstruction 4,400,000 07 (8) Matanuska-Susitna: Old Glenn Highway, MP 0 13,225,000 08 to 18.6 Rehabilitation 09 (9) Nome: Bering Street, Seppala Drive, and Front Street 5,090,000 10 Rehabilitation and Front Street Safety and 11 Enhancements 12 (10) Sitka: Sawmill Creek Road Upgrade, Phase I 5,500,000 13 (11) Wasilla: South Church Road 1,200,000 14 (12) Whittier Harbor Renovation 2,449,000 15 (13) Seldovia Harbor Renovation 2,628,000 16 (14) Petersburg (Middle and South Harbors) Renovation 3,729,000 17 (15) Juneau (Auke Bay Harbor, Aurora Harbor, Harris 7,119,000 18 Harbor, Douglas Harbor and Dock, North Douglas 19 Launch Ramp, Taku Harbor) Renovation 20 (16) Ketchikan (Thomas Basin Harbor, Ryus Float, 3,938,000 21 Bar Harbor North, Hole-in-the-Wall Harbor, 22 Knudson Cove Harbor) Renovation 23 (17) Sitka (Thomas Harbor, Crescent Harbor, Sealing 2,234,500 24 Cove Harbor) Renovations 25 (18) Cordova (Cordova Harbor) Renovation 4,876,000 26 (19) Wrangell (Standard Harbor, Reliance Float, Inner 3,492,000 27 Harbor Fish and Game Dock, Shoemaker Harbor) 28 Renovation 29 (20) Yakutat (Yakutat Harbor) Renovation 526,000 30 (21) Klawock (Klawock Harbor and Seaplane Float) 896,000 31 Renovation
01 (b) The port and harbor facilities described in (a) of this section that are currently 02 owned by the state are in need of substantial investment in capital maintenance and upgrades. 03 The legislature intends to provide for the required investment, and intends transfer of ultimate 04 ownership of and responsibility for the state-owned harbor facilities to the municipalities in 05 which they are located. 06 * Sec. 11. The uncodified law of the State of Alaska is amended by adding a new section to 07 read: 08 STATE BOND COMMITTEE. If the issuance of the bonds under sec. 8 of this Act is 09 ratified by a majority of the qualified voters of the state who vote on the question, the amount 10 of $619,573 or as much of that amount as is found necessary is appropriated from the general 11 fund of the state to the state bond committee to carry out the provisions of secs. 8 - 13 of this 12 Act and to pay expenses incident to the sale and issuance of the bonds authorized in sec. 8 of 13 this Act. The amounts expended from the appropriation authorized by this section shall be 14 reimbursed to the general fund from the proceeds of the sale of the bonds authorized by sec. 8 15 of this Act. 16 * Sec. 12. The uncodified law of the State of Alaska is amended by adding a new section to 17 read: 18 ADVANCE PLANNING. The amount withdrawn from the public facility planning 19 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 20 financed under sec. 10 of this Act shall be reimbursed to the fund from the proceeds of the 21 sale of bonds authorized by sec. 8 of this Act. 22 * Sec. 13. The uncodified law of the State of Alaska is amended by adding a new section to 23 read: 24 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 25 balance of the appropriation made in sec. 10 of this Act lapses under AS 37.25.020 and is 26 appropriated to the state bond committee to redeem bonds sold under sec. 8 of this Act. The 27 amounts expended from the general fund to pay the principal, interest and redemption 28 premium on bonds issued under sec. 8 of this Act shall be reimbursed to the general fund 29 from the appropriation made under this section to the extent that the money is not needed to 30 redeem the bonds. 31 * Sec. 14. The uncodified law of the State of Alaska is amended by adding a new section to
01 read: 02 BALLOT PROPOSITION. The question whether the bonds authorized in this Act are 03 to be issued shall be submitted to the qualified voters of the state at the next general election 04 and shall read substantially as follows: 05 P R O P O S I T I O N 06 State Guaranteed Transportation Revenue Anticipation Bonds $102,805,000 07 State General Obligation State Transportation Project Bonds 123,914,500 08 Total Bond Authorization $226,719,500 09 Shall the State of Alaska issue state guaranteed transportation revenue 10 anticipation bonds in the principal amount of not more than $102,805,000 for 11 the purpose of paying the cost of accelerated Alaska transportation projects 12 qualifying for federal highway aid, and shall the State of Alaska issue general 13 obligation bonds in the principal amount of not more than $123,914,500 for the 14 purpose of paying the cost of state transportation projects? 15 Bonds Yes [ ] 16 Bonds No [ ] 17 * Sec. 15. The uncodified law of the State of Alaska is amended by adding a new section to 18 read: 19 BALLOT STATEMENT. In addition to the information that the director of elections 20 is required to make available to the voters under AS 15.15.040(b), the director shall include a 21 statement jointly prepared by the commissioner of revenue and the legislative auditor setting 22 out an estimate of anticipated revenue derived from federal highway aid for the period for 23 which expenditure authority has been granted by the Congress of the United States. 24 * Sec. 16. This Act takes effect immediately under AS 01.10.070(c).