Enrolled SB 279: Authorizing and relating to the issuance of bonds by the Alaska Housing Finance Corporation for safe and clean water and hygienic sewage disposal facility capital projects and other capital projects; providing for the repayment of the bonds and bond costs; relating to the dividend paid to the state by the Alaska Housing Finance Corporation; and providing for an effective date.
00Enrolled SB 279 01 Authorizing and relating to the issuance of bonds by the Alaska Housing Finance Corporation 02 for safe and clean water and hygienic sewage disposal facility capital projects and other 03 capital projects; providing for the repayment of the bonds and bond costs; relating to the 04 dividend paid to the state by the Alaska Housing Finance Corporation; and providing for an 05 effective date. 06 _______________ 07 * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 08 to read: 09 LEGISLATIVE INTENT. AS 18.56.089(c) provides for the payment of an annual 10 dividend from the Alaska Housing Finance Corporation to the state and appropriation by the 11 legislature of the dividend for capital projects. The legislature intends by this Act to finance 12 village safe and clean water and hygienic sewage disposal facilities under AS 46.07, to 13 provide required matching money for federal grants for the projects, and to finance other
01 capital projects from the proceeds of bonds issued by the Alaska Housing Finance 02 Corporation authorized by this Act. The legislature also intends by this Act that the amount 03 of the dividend from the corporation under AS 18.56.089(c) be reduced by the amount of 04 principal and interest payments on, and costs of, those bonds. 05 * Sec. 2. AS 18.56.089(c) is amended to read: 06 (c) The corporation shall make a dividend available to the state each fiscal 07 year. The corporation shall pay the dividend for a current fiscal year to the state 08 before the end of that fiscal year. The legislature may appropriate the dividend for 09 capital projects. The corporation shall notify the commissioner of revenue of the 10 amount of each dividend under this subsection for inclusion in the state operating 11 budget and shall also notify the commissioner when each dividend is available for 12 payment to the state. The amount of the dividend for a current fiscal year is calculated 13 as follows: 14 (1) the lesser of $103,000,000 or 75 percent of the net income of the 15 corporation for the base fiscal year; 16 (2) minus the amount of money from the corporation used during that 17 current fiscal year for bond repayment and other costs related to the bonds issued 18 under 19 (A) ch. 26, SLA 1996, up to a maximum of $1,000,000; 20 (B) sec. 10(b), ch. 130, SLA 2000; 21 (C) sec. 1, ch. 1, SSSLA 2002; 22 (D) sec. 4 of this Act; and 23 (3) minus any appropriation of unrestricted unencumbered money of 24 the corporation during the current fiscal year, other than an appropriation for the 25 corporation's operating budget. 26 * Sec. 3. The uncodified law of the State of Alaska enacted by sec. 2(a), ch. 76, SLA 2003, 27 is amended to read: 28 (a) Notwithstanding the amount of the annual dividend under 29 AS 18.56.089(c), [ADDED BY SEC. 1 OF THIS ACT], the dividend is calculated as 30 follows for the following years: 31 (1) fiscal year 2004:
01 (A) $103,000,000; 02 (B) minus the amount of money from the Alaska Housing 03 Finance Corporation used during fiscal year 2004 for bond repayments and 04 other costs related to the bonds issued under 05 (i) ch. 26, SLA 1996, up to maximum of $1,000,000; 06 (ii) sec. 2, ch. 129, SLA 1998; 07 (iii) sec. 10(b), ch. 130, SLA 2000; 08 (iv) sec. 1, ch. 1, SSLA 2002; 09 (v) sec. 4 of this Act; and 10 (C) minus any appropriation of unrestricted, unencumbered 11 money of the corporation during fiscal year 2004, other than an appropriation 12 for the corporation's operating budget; 13 (2) fiscal year 2005: 14 (A) $103,000,000; 15 (B) minus the amount of money from the Alaska Housing 16 Finance Corporation used during fiscal year 2005 for bond repayments and 17 other costs related to the bonds issued under 18 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 19 (ii) sec. 2, ch. 129, SLA 1998; 20 (iii) sec. 10(b), ch. 130, SLA 2000; 21 (iv) sec. 1, ch. 1, SSSLA 2002; 22 (v) sec. 4 of this Act; and 23 (C) minus any appropriation of unrestricted, unencumbered 24 money of the corporation during fiscal year 2005, other than an appropriation 25 for the corporation's operating budget; 26 (3) fiscal year 2006: 27 (A) $103,000,000; 28 (B) minus the amount of money from the Alaska Housing 29 Finance Corporation used during fiscal year 2006 for bond repayments and 30 other costs related to the bonds issued under 31 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000;
01 (ii) sec. 2, ch. 129, SLA 1998; 02 (iii) sec. 10(b), ch. 130, SLA 2000; 03 (iv) sec. 1, ch. 1, SSSLA 2002; 04 (v) sec. 4 of this Act; and 05 (C) minus any appropriation of unrestricted, unencumbered 06 money of the corporation during fiscal year 2006, other than an appropriation 07 for the corporation's operating budget; 08 (4) fiscal year 2007: 09 (A) the lesser of $103,000,000 or 95 percent of the net income 10 of the Alaska Housing Finance Corporation for fiscal year 2005; 11 (B) minus the amount of money from the Alaska Housing 12 Finance Corporation used during fiscal year 2007 for bond repayments and 13 other costs related to the bonds issued under 14 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 15 (ii) sec. 10(b), ch. 130, SLA 2000; 16 (iii) sec. 1, ch. 1, SSSLA 2002; 17 (iv) sec. 4 of this Act; and 18 (C) minus any appropriation of unrestricted, unencumbered 19 money of the corporation during fiscal year 2007, other than an appropriation 20 for the corporation's operating budget; 21 (5) fiscal year 2008: 22 (A) the lesser of $103,000,000 or 85 percent of the net income 23 of the Alaska Housing Finance Corporation for fiscal year 2006; 24 (B) minus the amount of money from the Alaska Housing 25 Finance Corporation used during fiscal year 2008 for bond repayments and 26 other costs related to the bonds issued under 27 (i) ch. 26, SLA 1996, up to a maximum of $1,000,000; 28 (ii) sec. 10(b), ch. 130, SLA 2000; 29 (iii) sec. 1, ch. 1, SSSLA 2002; 30 (iv) sec. 4 of this Act; and 31 (C) minus any appropriation of unrestricted, unencumbered
01 money of the corporation during fiscal year 2008, other than an appropriation 02 for the corporation's operating budget. 03 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 04 read: 05 BOND AUTHORIZATION AND PROVISIONS. (a) Notwithstanding the limitation 06 in AS 18.56.090 or other provisions of law, the Alaska Housing Finance Corporation is 07 authorized to issue bonds in an amount sufficient to finance $19,818,300 in capital 08 improvements for village safe and clean water and hygienic sewage disposal facilities either 09 directly or as matching money required by grants for those purposes, and $25,181,700 to 10 finance other capital projects. AS 18.56.110 - 18.56.190 apply to bonds issued under this 11 section. 12 (b) The Alaska Housing Finance Corporation shall make the proceeds of bonds issued 13 under (a) of this section available to government departments, agencies, and other government 14 entities identified in appropriations of the bond proceeds as necessary to accommodate the 15 construction schedule for each of the projects for which the bond proceeds are appropriated. 16 All income realized by the Alaska Housing Finance Corporation on the bond proceeds may be 17 used by the corporation solely for payments of the principal of and interest on the bonds or 18 other costs related to the bonds. 19 (c) The Alaska Housing Finance Corporation shall determine the amount of 20 unrestricted revenue necessary, after payments under (b) of this section, for the payment of 21 costs related to the bonds and notify the legislature. 22 (d) The amount determined under (c) of this section necessary for the payment of all 23 costs associated with or related to the bonds, including principal and interest payments, shall 24 reduce the amount of the Alaska Housing Finance Corporation's dividend to the state under 25 AS 18.56.089, as amended by sec. 2 of this Act. 26 * Sec. 5. This Act takes effect immediately under AS 01.10.070(c).