CSHB 424(FIN): "An Act providing for and relating to the issuance of general obligation bonds for the purpose of paying the cost of design and construction of library, education, and educational research facilities; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 424(FIN) 01 "An Act providing for and relating to the issuance of general obligation bonds for the 02 purpose of paying the cost of design and construction of library, education, and 03 educational research facilities; 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 design and 08 construction of library, education, and educational research facilities, general obligation bonds 09 of the state in the principal amount of not more than $384,200,000, if ratified by a majority of 10 the qualified voters of the state who vote on the question, shall be issued and sold. The full 11 faith, credit, and resources of the state are pledged to the payment of the principal of and 12 interest and redemption premium, if any, on the bonds. The bonds shall be issued under the 13 provisions of AS 37.15 as those provisions read at the time of issuance, except that 14 AS 37.15.040 does not apply. The bonds may be issued and sold at a public or negotiated sale
01 in the manner, in the amounts or series, and at the time or times that the state bond committee 02 determines after considering market conditions and structuring alternatives. 03 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 04 read: 05 2010 EDUCATION PROJECT FUND. If the issuance of the bonds is ratified by a 06 majority of the qualified voters of the state who vote on the question, a special fund of the 07 state to be known as the "2010 education project fund" shall be established, to which shall be 08 credited the proceeds of the sale of the bonds described in sec. 1 of this Act except for the 09 accrued interest and premiums. 10 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 11 read: 12 DEPARTMENT OF EDUCATION AND EARLY DEVELOPMENT. The amount of 13 $40,000,000 is appropriated from the 2010 education project fund to the Department of 14 Education and Early Development to be allocated among the following projects in the 15 amounts listed, subject to reallocation between projects in accordance with AS 37.07.080(e): 16 PROJECT AMOUNT 17 (1) Mount Edgecumbe High School aquatic facility $20,000,000 18 (2) State Library, Archives, and Museum facility 20,000,000 19 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 20 read: 21 DEPARTMENT OF EDUCATION AND EARLY DEVELOPMENT. The amount of 22 $128,500,000 is appropriated from the 2010 education project fund to the Department of 23 Education and Early Development to be awarded as grants for design, construction, and major 24 maintenance of public schools, subject to reallocation between projects in accordance with 25 AS 37.07.080(e), for the following projects, subject to reallocation between projects in 26 accordance with AS 37.07.080(e): 27 PROJECT REAA LOCATION AMOUNT 28 (1) Alakanuk K-12 Lower Yukon $46,500,000 29 school replacement 30 (2) Kipnuk K-12 school Lower Kuskokwim 49,900,000 31 renovation/addition
01 (3) Kwigillingok K-12 Lower Kuskokwim 32,100,000 02 school renovation/addition 03 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 04 read: 05 UNIVERSITY OF ALASKA. The amount of $161,800,000 is appropriated from the 06 2010 education project fund to the University of Alaska for the following projects, subject to 07 reallocation between projects in accordance with AS 37.07.080(e): 08 PROJECT LOCATION AMOUNT 09 (1) Valley center for art Mat-Su campus $23,500,000 10 and learning 11 (2) Community arena UA-Anchorage 50,000,000 12 and athletic facility 13 (3) Life science classroom UA-Fairbanks 50,000,000 14 and laboratory facility 15 (4) Student housing Kenai campus 17,800,000 16 (5) Career and technical Kenai campus 14,500,000 17 education center 18 (6) Campus renovation and Prince William Sound 6,000,000 19 renewal Community College 20 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 21 read: 22 DEPARTMENT OF FISH AND GAME. The amount of $20,000,000 is appropriated 23 from the 2010 education project fund to the Department of Fish and Game for the Near Island 24 research facility. 25 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 26 read: 27 DEPARTMENT OF COMMERCE, COMMUNITY, AND ECONOMIC 28 DEVELOPMENT. The amount of $33,900,000 is appropriated from the 2010 education 29 project fund to the Department of Commerce, Community, and Economic Development for 30 payment of grants to municipalities under AS 37.05.315 for the following projects, subject to 31 reallocation between projects in accordance with AS 37.07.080(e):
01 PROJECT MUNICIPALITY AMOUNT 02 (1) Loussac Library Anchorage $4,650,000 03 (2) Cordova Center and Cordova 2,500,000 04 Library 05 (3) Community Library Kenai 1,500,000 06 expansion 07 (4) Sutton Community Matanuska-Susitna 1,700,000 08 Library and Resource 09 Center 10 (5) Tuzzy Library expansion North Slope 350,000 11 (6) Public library Petersburg 3,300,000 12 (7) Community library Seward 4,700,000 13 (8) Prince of Wales Island City of Klawock 3,200,000 14 vocational education 15 center 16 (9) Northwest Magnet School/ Northwest Arctic Borough 12,000,000 17 Kotzebue High School 18 * Sec. 8. The uncodified law of the State of Alaska is amended by adding a new section to 19 read: 20 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority of 21 the qualified voters of the state who vote on the question, the amount of $4,610,400 or as 22 much of that amount as is found necessary is appropriated from the general fund of the state 23 to the state bond committee to carry out the provisions of this Act and to pay expenses 24 incident to the sale and issuance of the bonds authorized in this Act. The amounts expended 25 from the appropriation authorized by this section shall be reimbursed to the general fund from 26 the proceeds of the sale of the bonds authorized by this Act. 27 * Sec. 9. The uncodified law of the State of Alaska is amended by adding a new section to 28 read: 29 ADVANCE PLANNING. The amount withdrawn from the public facility planning 30 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 31 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds
01 authorized by this Act. 02 * Sec. 10. The uncodified law of the State of Alaska is amended by adding a new section to 03 read: 04 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 05 balances of the appropriations made in secs. 3 - 7 of this Act lapse under AS 37.25.020 and 06 are appropriated to the state bond committee to redeem bonds sold under this Act. The 07 amounts expended from the general fund to pay the principal, interest, and redemption 08 premium on bonds issued under this Act shall be reimbursed to the general fund from the 09 appropriation made under this section to the extent that the money is not needed to redeem the 10 bonds. 11 * Sec. 11. The uncodified law of the State of Alaska is amended by adding a new section to 12 read: 13 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 14 be issued shall be submitted to the qualified voters of the state at the next general election and 15 shall read substantially as follows: 16 P R O P O S I T I O N 17 State General Obligation $384,200,000 18 Library, Education, and Educational 19 Research Facilities Bonds 20 Shall the State of Alaska issue its general obligation bonds in the principal 21 amount of not more than $384,200,000 for the purpose of design and 22 construction of library, education, and educational research facilities? 23 Bonds Yes [ ] 24 Bonds No [ ] 25 * Sec. 12. This Act takes effect immediately under AS 01.10.070(c).