HB 354: "An Act providing for and relating to the issuance of general obligation bonds for the purpose of paying the cost of trucking natural gas; and providing for an effective date."
00 HOUSE BILL NO. 354 01 "An Act providing for and relating to the issuance of general obligation bonds for the 02 purpose of paying the cost of trucking natural gas; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. The uncodified law of the State of Alaska is amended by adding a new section 05 to read: 06 GENERAL OBLIGATION BONDS. For the purpose of paying the cost of trucking 07 natural gas to Fairbanks, general obligation bonds of the state in the principal amount of not 08 more than $200,000,000, if ratified by a majority of the qualified voters of the state who vote 09 on the question, shall be issued and sold. The full faith, credit, and resources of the state are 10 pledged to the payment of the principal of and interest and redemption premium, if any, on 11 the bonds. The bonds shall be issued under the provisions of AS 37.15 as those provisions 12 read at the time of issuance. 13 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 14 read:
01 NATURAL GAS TRUCKING FUND. If the issuance of the bonds is ratified by a 02 majority of the qualified voters of the state who vote on the question, a special fund of the 03 state to be known as the "natural gas trucking fund" shall be established, to which shall be 04 credited the proceeds of the sale of the bonds described in sec. 1 of this Act except for the 05 accrued interest and premiums. 06 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 07 read: 08 ALASKA INDUSTRIAL DEVELOPMENT AND EXPORT AUTHORITY. The 09 amount of $200,000,000 is appropriated from the natural gas trucking fund to the Alaska 10 Industrial Development and Export Authority to be used to finance transportation of natural 11 gas by truck by a non-profit entity or licensed utility from the North Slope of Alaska to 12 Fairbanks. 13 * Sec. 4. The uncodified law of the State of Alaska is amended by adding a new section to 14 read: 15 STATE BOND COMMITTEE. If the issuance of the bonds is ratified by a majority of 16 the qualified voters of the state who vote on the question, the amount of $1,000,000 or as 17 much of that amount as is found necessary is appropriated from the general fund of the state 18 to the state bond committee to carry out the provisions of this Act and to pay expenses 19 incident to the sale and issuance of the bonds authorized in this Act. The amounts expended 20 from the appropriation authorized by this section shall be reimbursed to the general fund from 21 the proceeds of the sale of the bonds authorized by this Act. 22 * Sec. 5. The uncodified law of the State of Alaska is amended by adding a new section to 23 read: 24 ADVANCE PLANNING. The amount withdrawn from the public facility planning 25 fund (AS 35.10.135) for the purpose of advance planning for the capital improvements 26 financed under this Act shall be reimbursed to the fund from the proceeds of the sale of bonds 27 authorized by this Act. 28 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to 29 read: 30 LAPSE; REDEMPTION; REIMBURSEMENT. The unexpended and unobligated 31 balance of the appropriation made in sec. 3 of this Act lapses under AS 37.25.020 and is
01 appropriated to the state bond committee to redeem bonds sold under this Act. The amounts 02 expended from the general fund to pay the principal, interest, and redemption premium on 03 bonds issued under this Act shall be reimbursed to the general fund from the appropriation 04 made under this section to the extent that the money is not needed to redeem the bonds. 05 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 06 read: 07 BALLOT QUESTION. The question whether the bonds authorized in this Act are to 08 be issued shall be submitted to the qualified voters of the state at the next general election and 09 shall read substantially as follows: 10 P R O P O S I T I O N 11 State General Obligation $200,000,000 12 Trucking Natural Gas Bonds 13 Shall the State of Alaska issue its general obligation bonds in 14 the principal amount of not more than $200,000,000 for the 15 purpose of paying the cost of trucking natural gas? 16 Bonds Yes [ ] 17 Bonds No [ ] 18 * Sec. 8. This Act takes effect immediately under AS 01.10.070(c).