00                          SENATE BILL NO. 268 am H                                                                      
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 a special election to be held on the                     
25 date of the first primary election after the effective date of this Act.  The special election shall                    
26 be held in substantial compliance with the election laws of the state, including absentee voting                        
27 and preparation, publication, and mailing of an election pamphlet under AS 15.58.  The                                  
28 election pamphlet must comply with AS 15.58.020(7).  The question placed before the                                     
29 qualified voters of the state at the special election shall read substantially as follows:                              
30                             PROPOSITION                                                                                 
31                       State Guaranteed Veterans Residential                                                             

01                       Mortgage Bonds             $500,000,000                                                           
02            Shall the State of Alaska unconditionally guarantee as a general                                             
03            obligation of the state the payment of principal and interest on                                             
04            revenue bonds of the Alaska Housing Finance Corporation issued                                               
05            in the principal amount of not more than $500,000,000 for the                                                
06            purpose of purchasing mortgages made for residences for                                                      
07            qualifying veterans, as defined by law?                                                                      
08                 Bonds                    Yes [   ]                                                                      
09                 Bonds                    No  [   ]                                                                      
10    * Sec. 5.  This Act takes effect immediately under AS 01.10.070(c).