SB 268: "An Act relating to the issuance of state-guaranteed revenue bonds by the Alaska Housing Finance Corporation to finance mortgages for qualifying veterans; and providing for an effective date."
00 SENATE BILL NO. 268 01 "An Act relating to the issuance of state-guaranteed revenue bonds by the Alaska 02 Housing Finance Corporation to finance mortgages for qualifying veterans; 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 section 06 to read: 07 GUARANTEE OF REVENUE BONDS. For the purpose of assisting the Alaska 08 Housing Finance Corporation to provide money for the purchase under AS 18.56 of 09 mortgages made for residences for qualifying veterans, revenue bonds of the Alaska Housing 10 Finance Corporation are unconditionally guaranteed as to principal and interest by the state in 11 the principal amount of not more than $500,000,000. The full faith, credit, and resources of 12 the state are pledged to the payment of the principal of and interest on these bonds, and the 13 principal of and interest on the bonds are secured by the general obligation of the State of 14 Alaska. A statement of this pledge must be printed on the face of the bonds and must be
01 signed in manual or facsimile form by the governor. The provisions of AS 37.15 do not apply 02 to the bonds. The guarantee authorized by this section is in addition to the guarantees 03 authorized by sec. 5, ch. 35, SLA 1982; sec. 1, ch. 81, SLA 1983; sec. 1, ch. 115, SLA 1984; 04 and sec. 1, ch. 134, SLA 1986. 05 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 06 read: 07 BOND AUTHORIZATION. If the question set out in sec. 4 of this Act is approved 08 by the qualified voters of the state who vote on the question, the Alaska Housing Finance 09 Corporation may issue not more than the principal amount of $500,000,000 of its revenue 10 bonds that are unconditionally guaranteed as to principal and interest by the state, the 11 proceeds of which are to be expended by the Alaska Housing Finance Corporation to provide 12 money for the purchase of mortgages made for residences for qualifying veterans. The 13 authorization in this section to issue bonds is in addition to the authorizations to issue bonds 14 that appear in sec. 6, ch. 35, SLA 1982; sec. 2, ch. 81, SLA 1983; sec. 2, ch. 115, SLA 1984; 15 and sec. 2, ch. 134, SLA 1986. 16 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 17 read: 18 DEFINITION. As used in this Act, a "qualifying veteran" is a person who is a 19 "qualified veteran" as that term is defined, or may be subsequently defined, under 20 26 U.S.C. 143. 21 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 22 read: 23 BALLOT QUESTION. The question of the state guarantee of bonds referred to in this 24 Act shall be submitted to the qualified voters of the state at the first general election after the 25 effective date of this Act and shall read substantially as follows: 26 PROPOSITION 27 State Guaranteed Veterans Residential 28 Mortgage Bonds $500,000,000 29 Shall the State of Alaska unconditionally guarantee as a general 30 obligation of the state the payment of principal and interest on 31 revenue bonds of the Alaska Housing Finance Corporation issued
01 in the principal amount of not more than $500,000,000 for the 02 purpose of purchasing mortgages made for residences for 03 qualifying veterans, as defined by law? 04 Bonds Yes [ ] 05 Bonds No [ ] 06 * Sec. 5. This Act takes effect immediately under AS 01.10.070(c).