CSHB 561(FIN): "An Act providing for and relating to the issuance of general obligation bonds in a principal amount of not more than $93,280,000 for the purpose of paying the cost of state transportation projects; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 561(FIN) 01 "An Act providing for and relating to the issuance of general obligation bonds in a 02 principal amount of not more than $93,280,000 for the purpose of paying the cost of 03 state transportation projects; and 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 GENERAL OBLIGATION BONDS. For the purpose of paying the cost of state 08 transportation projects, general obligation bonds of the state in the principal amount of not 09 more than $93,280,000, if ratified by a majority of the qualified voters of the state who vote 10 on the question, shall be issued and sold. The full faith, credit, and resources of the state are 11 pledged to the payment of the principal of and interest and redemption premium, if any, on 12 the bonds. The bonds shall be issued under the provisions of AS 37.15 as those provisions 13 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 TRANSPORTATION PROJECT FUND. If the issuance of the bonds described in 03 sec. 1 of this Act is ratified by a majority of the qualified voters of the state who vote on the 04 question, a special fund of the state to be known as the "transportation project fund" shall be 05 established, to which shall be credited the proceeds of the sale of the bonds described in sec. 1 06 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 TRANSPORTATION PROJECT ALLOCATION. The amount of $93,280,000 is 10 appropriated from the transportation project fund to the Department of Transportation and 11 Public Facilities to be allocated among the following transportation projects in the amounts 12 listed subject to reallocation between projects in accordance with AS 37.07.080(e): 13 PROJECT ALLOCATION 14 Federal earmark match for state highway system $15,000,000 15 projects 16 Anchorage - Abbott Loop Road upgrade (68th Avenue 15,000,000 17 to Abbott Road) 18 Anchorage - Lake Otis and Tudor intersection 8,500,000 19 improvements 20 Chugiak Birchwood Eagle River rural road service 700,000 21 area - road and drainage 22 rehabilitation 23 Glenn Highway lighting - Artillery Road overpass - 330,000 24 South Birchwood 25 Matanuska - Susitna - Bogard Road extension East 6,600,000 26 Matanuska - Susitna - Trunk Road hospital access 1,000,000 27 Kenai - Sterling Highway Kasilof River safety area 4,000,000 28 improvements 29 Kenai Borough - road improvements 2,000,000 30 City of Kenai - road improvements 1,000,000 31 Fairbanks - Steese Highway corridor safety and capacity 7,500,000
01 improvements 02 Fairbanks - Cowles Road upgrade 1,200,000 03 Sitka - Old Thomsen Harbor renovation 2,500,000 04 Juneau - areawide transportation improvements 2,300,000 05 Ketchikan - Thomas Basin Harbor, Ryus float, Bar 2,650,000 06 Harbor North, Hole-in-the-Wall Harbor, Knudson Cove 07 harbor renovations 08 Ketchikan Gateway Borough - road and pedestrian 500,000 09 improvements 10 City of Ketchikan - road and pedestrian improvements 500,000 11 Kodiak Island Borough - airport terminal acquisition and 1,000,000 12 reconstruction 13 Port Lions - public dock replacement 500,000 14 Nome - city streets improvements 1,650,000 15 Kotzebue and Noatak - road and facility 1,400,000 16 maintenance and equipment 17 Petersburg - Middle Harbor renovation 1,200,000 18 Wrangell - Heritage Harbor renovation 1,400,000 19 Valdez - harbor deferred maintenance 1,000,000 20 Homer - deep water dock corrosion 450,000 21 Chignik - public dock project 1,000,000 22 Adak - small boat harbor expansion 3,000,000 23 Whittier - harbor renovation 1,500,000 24 Statewide harbor deferred maintenance 4,800,000 25 Jewel Lake Road and Strawberry Road signalization 1,100,000 26 Donlin Creek - Crooked Creek/Donlin Creek 2,000,000 27 access road 28 Total $93,280,000 29 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 30 read: 31 STATE BOND COMMITTEE. If the issuance of the bonds under sec. 1 of this Act is
01 ratified by a majority of the qualified voters of the state who vote on the question, the amount 02 of $466,400 or as much of that amount as is found necessary is appropriated from the general 03 fund of the state to the state bond committee to carry out the provisions of this Act and to pay 04 expenses incident to the sale and issuance of the bonds authorized in sec. 1 of this Act. The 05 amounts expended from the appropriation authorized by this section shall be reimbursed to 06 the general fund from the proceeds of the sale of the bonds authorized by sec. 1 of this Act. 07 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 08 read: 09 ADVANCE PLANNING. The amount withdrawn from the public facility planning 10 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 11 financed under sec. 3 of this Act shall be reimbursed to the fund from the proceeds of the sale 12 of bonds authorized by sec. 1 of this Act. 13 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 14 read: 15 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 16 balance of the appropriation made in sec. 3 of this Act lapses under AS 37.25.020 and is 17 appropriated to the state bond committee to redeem bonds sold under sec. 1 of this Act. The 18 amounts expended from the general fund to pay the principal, interest and redemption 19 premium on bonds issued under sec. 1 of this Act shall be reimbursed to the general fund 20 from the appropriation made under this section to the extent that the money is not needed to 21 redeem the bonds. 22 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 23 read: 24 BALLOT PROPOSITION. The question whether the bonds authorized in this Act are 25 to be issued shall be submitted to the qualified voters of the state at the next general election 26 and shall read substantially as follows: 27 P R O P O S I T I O N 28 State General Obligation State Transportation Project Bonds $93,280,000 29 Total Bond Authorization $93,280,000 30 Shall the State of Alaska issue general obligation bonds in the principal 31 amount of not more than $93,280,000 for the purpose of paying the cost of
01 state transportation projects? 02 Bonds Yes [ ] 03 Bonds No [ ] 04 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).