Enrolled SB 64: Relating to school bond debt reimbursement.
00Enrolled SB 64 01 Relating to school bond debt reimbursement. 02 _______________ 03 * Section 1. AS 14.11.014 is amended by adding a new subsection to read: 04 (d) Notwithstanding any other provision of law, the committee may not 05 recommend for approval an application for bond debt reimbursement made by a 06 municipality for school construction or major maintenance for indebtedness authorized 07 by the qualified voters of the municipality on or after January 1, 2015, but before 08 July 1, 2020. 09 * Sec. 2. AS 14.11.100(a) is amended to read: 10 (a) During each fiscal year, the state shall allocate to a municipality that is a 11 school district the following sums: 12 (1) payments made by the municipality during the fiscal year two years 13 earlier for the retirement of principal and interest on outstanding bonds, notes, or other 14 indebtedness incurred before July 1, 1977, to pay costs of school construction; 15 (2) 90 percent of
01 (A) payments made by the municipality during the fiscal year 02 two years earlier for the retirement of principal and interest on outstanding 03 bonds, notes, or other indebtedness incurred after June 30, 1977, and before 04 July 1, 1978, to pay costs of school construction; 05 (B) cash payments made after June 30, 1976, and before July 1, 06 1978, by the municipality during the fiscal year two years earlier to pay costs 07 of school construction; 08 (3) 90 percent of 09 (A) payments made by the municipality during the fiscal year 10 two years earlier for the retirement of principal and interest on outstanding 11 bonds, notes, or other indebtedness incurred after June 30, 1978, and before 12 January 1, 1982, to pay costs of school construction projects approved under 13 AS 14.07.020(a)(11); 14 (B) cash payments made after June 30, 1978, and before July 1, 15 1982, by the municipality during the fiscal year two years earlier to pay costs 16 of school construction projects approved under AS 14.07.020(a)(11); 17 (4) subject to (h) and (i) of this section, up to 90 percent of 18 (A) payments made by the municipality during the current 19 fiscal year for the retirement of principal and interest on outstanding bonds, 20 notes, or other indebtedness incurred after December 31, 1981, and authorized 21 by the qualified voters of the municipality before July 1, 1983, to pay costs of 22 school construction, additions to schools, and major rehabilitation projects that 23 exceed $25,000 and are approved under AS 14.07.020(a)(11); 24 (B) cash payments made after June 30, 1982, and before July 1, 25 1983, by the municipality during the fiscal year two years earlier to pay costs 26 of school construction, additions to schools, and major rehabilitation projects 27 that exceed $25,000 and are approved under AS 14.07.020(a)(11); and 28 (C) payments made by the municipality during the current 29 fiscal year for the retirement of principal and interest on outstanding bonds, 30 notes, or other indebtedness to pay costs of school construction, additions to 31 schools, and major rehabilitation projects that exceed $25,000 and are
01 submitted to the department for approval under AS 14.07.020(a)(11) before 02 July 1, 1983, and approved by the qualified voters of the municipality before 03 October 15, 1983, not to exceed a total project cost of (i) $6,600,000 if the 04 annual growth rate of average daily membership of the municipality is more 05 than seven percent but less than 12 percent, or (ii) $20,000,000 if the annual 06 growth rate of average daily membership of the municipality is 12 percent or 07 more; payments made by a municipality under this subparagraph on total 08 project costs that exceed the amounts set out in (i) and (ii) of this subparagraph 09 are subject to (5)(A) of this subsection; 10 (5) subject to (h) - (j) of this section, 80 percent of 11 (A) payments made by the municipality during the fiscal year 12 for the retirement of principal and interest on outstanding bonds, notes, or 13 other indebtedness authorized by the qualified voters of the municipality 14 (i) after June 30, 1983, but before March 31, 1990, to 15 pay costs of school construction, additions to schools, and major 16 rehabilitation projects that exceed $25,000 and are approved under 17 AS 14.07.020(a)(11); or 18 (ii) before July 1, 1989, and reauthorized before 19 November 1, 1989, to pay costs of school construction, additions to 20 schools, and major rehabilitation projects that exceed $25,000 and are 21 approved under AS 14.07.020(a)(11); and 22 (B) cash payments made after June 30, 1983, by the 23 municipality during the fiscal year two years earlier to pay costs of school 24 construction, additions to schools, and major rehabilitation projects that exceed 25 $25,000 and are approved by the department before July 1, 1990, under 26 AS 14.07.020(a)(11); 27 (6) subject to (h) - (j) and (m) of this section, 70 percent of payments 28 made by the municipality during the fiscal year for the retirement of principal and 29 interest on outstanding bonds, notes, or other indebtedness authorized by the qualified 30 voters of the municipality on or after April 30, 1993, but before July 1, 1996, to pay 31 costs of school construction, additions to schools, and major rehabilitation projects
01 that exceed $200,000 and are approved under AS 14.07.020(a)(11); 02 (7) subject to (h) - (j) and (m) of this section, 70 percent of payments 03 made by the municipality during the fiscal year for the retirement of principal and 04 interest on outstanding bonds, notes, or other indebtedness authorized by the qualified 05 voters of the municipality after March 31, 1990, but before April 30, 1993, to pay 06 costs of school construction, additions to schools, and major rehabilitation projects; 07 (8) subject to (h), (i), (j)(2) - (5), and (n) of this section and after 08 projects funded by the bonds, notes, or other indebtedness have been approved by the 09 commissioner, 70 percent of payments made by the municipality during the fiscal year 10 for the retirement of principal and interest on outstanding bonds, notes, or other 11 indebtedness authorized by the qualified voters of the municipality on or after July 1, 12 1995, but before July 1, 1998, to pay costs of school construction, additions to 13 schools, and major rehabilitation projects that exceed $200,000 and are approved 14 under AS 14.07.020(a)(11); 15 (9) subject to (h), (i), (j)(2) - (5), and (n) of this section and after 16 projects funded by the bonds, notes, or other indebtedness have been approved by the 17 commissioner, 70 percent of payments made by the municipality during the fiscal year 18 for the retirement of principal and interest on outstanding bonds, notes, or other 19 indebtedness authorized by the qualified voters of the municipality on or after July 1, 20 1998, but before July 1, 2006, to pay costs of school construction, additions to 21 schools, and major rehabilitation projects that exceed $200,000 and are approved 22 under AS 14.07.020(a)(11); 23 (10) subject to (h), (i), (j)(2) - (5), and (o) of this section, and after 24 projects funded by the bonds, notes, or other indebtedness have been approved by the 25 commissioner, 70 percent of payments made by the municipality during the fiscal year 26 for the retirement of principal and interest on outstanding bonds, notes, or other 27 indebtedness authorized by the qualified voters of the municipality on or after June 30, 28 1998, to pay costs of school construction, additions to schools, and major 29 rehabilitation projects that exceed $200,000, are approved under AS 14.07.020(a)(11), 30 and are not reimbursed under (n) of this section; 31 (11) subject to (h), (i), and (j)(2) - (5) of this section, and after projects
01 funded by the bonds, notes, or other indebtedness have been approved by the 02 commissioner, 70 percent of payments made by a municipality during the fiscal year 03 for the retirement of principal and interest on outstanding bonds, notes, or other 04 indebtedness authorized by the qualified voters of the municipality on or after June 30, 05 1999, but before January 1, 2005, to pay costs of school construction, additions to 06 schools, and major rehabilitation projects and education-related facilities that exceed 07 $200,000, are approved under AS 14.07.020(a)(11), and are not reimbursed under (n) 08 or (o) of this section; 09 (12) subject to (h), (i), and (j)(2), (3), and (5) of this section, 60 percent 10 of payments made by a municipality during the fiscal year for the retirement of 11 principal and interest on outstanding bonds, notes, or other indebtedness authorized by 12 the qualified voters of the municipality on or after June 30, 1999, but before January 1, 13 2005, to pay costs of school construction, additions to schools, and major 14 rehabilitation projects and education-related facilities that exceed $200,000, are 15 reviewed under AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this 16 section; 17 (13) subject to (h), (i), (j)(2) - (5), and (p) of this section, and after 18 projects funded by the tax exempt bonds, notes, or other indebtedness have been 19 approved by the commissioner, 70 percent of payments made by a municipality during 20 the fiscal year for the retirement of principal and interest on outstanding tax exempt 21 bonds, notes, or other indebtedness authorized by the qualified voters of the 22 municipality on or after June 30, 1999, but before October 31, 2006, to pay costs of 23 school construction, additions to schools, and major rehabilitation projects and 24 education-related facilities that exceed $200,000, are approved under 25 AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this section; 26 (14) subject to (h), (i), (j)(2), (3), and (5), and (p) of this section, 60 27 percent of payments made by a municipality during the fiscal year for the retirement 28 of principal and interest on outstanding tax exempt bonds, notes, or other indebtedness 29 authorized by the qualified voters of the municipality on or after June 30, 1999, but 30 before October 31, 2006, to pay costs of school construction, additions to schools, and 31 major rehabilitation projects and education-related facilities that exceed $200,000, are
01 reviewed under AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this 02 section; 03 (15) subject to (h), (i), (j)(2) - (5), and (q) of this section, and after 04 projects funded by the bonds, notes, or other indebtedness have been approved by the 05 commissioner, 90 percent of payments made by a municipality during the fiscal year 06 for the retirement of principal and interest on outstanding bonds, notes, or other 07 indebtedness authorized by the qualified voters of the municipality on or after June 30, 08 1999, but before October 31, 2006, to pay costs of school construction, additions to 09 schools, and major rehabilitation projects and education-related facilities that exceed 10 $200,000, are approved under AS 14.07.020(a)(11), meet the 10 percent participating 11 share requirement for a municipal school district under the former participating share 12 amounts required under AS 14.11.008(b), and are not reimbursed under (n) or (o) of 13 this section; 14 (16) subject to (h), (i), and (j)(2) - (5) of this section, and after projects 15 funded by the tax exempt bonds, notes, or other indebtedness have been approved by 16 the commissioner, 70 percent of payments made by a municipality during the fiscal 17 year for the retirement of principal and interest on outstanding tax exempt bonds, 18 notes, or other indebtedness authorized by the qualified voters of the municipality on 19 or after October 1, 2006, but before January 1, 2015, to pay costs of school 20 construction, additions to schools, and major rehabilitation projects and education- 21 related facilities that exceed $200,000, are approved under AS 14.07.020(a)(11), and 22 are not reimbursed under (o) of this section; 23 (17) subject to (h), (i), and (j)(2), (3), and (5) of this section, 60 percent 24 of payments made by a municipality during the fiscal year for the retirement of 25 principal and interest on outstanding tax exempt bonds, notes, or other indebtedness 26 authorized by the qualified voters of the municipality on or after October 1, 2006, but 27 before January 1, 2015 [MAY 1, 2015], to pay costs of school construction, additions 28 to schools, and major rehabilitation projects and education-related facilities that 29 exceed $200,000, are reviewed under AS 14.07.020(a)(11), and are not reimbursed 30 under (o) of this section [; 31 (18) SUBJECT TO (h), (i), AND (j)(2), (3), AND (5) OF THIS
01 SECTION, 50 PERCENT OF PAYMENTS MADE BY A MUNICIPALITY 02 DURING THE FISCAL YEAR FOR THE RETIREMENT OF PRINCIPAL AND 03 INTEREST ON OUTSTANDING TAX EXEMPT BONDS, NOTES, OR OTHER 04 INDEBTEDNESS AUTHORIZED BY THE QUALIFIED VOTERS OF THE 05 MUNICIPALITY ON OR AFTER MAY 1, 2015, TO PAY COSTS OF SCHOOL 06 CONSTRUCTION, ADDITIONS TO SCHOOLS, AND MAJOR 07 REHABILITATION PROJECTS AND EDUCATION-RELATED FACILITIES 08 THAT EXCEED $200,000, ARE REVIEWED UNDER AS 14.07.020(a)(11), AND 09 ARE NOT REIMBURSED UNDER (o) OF THIS SECTION]. 10 * Sec. 3. AS 14.11.100(a), as amended by sec. 2 of this Act, is amended to read: 11 (a) During each fiscal year, the state shall allocate to a municipality that is a 12 school district the following sums: 13 (1) payments made by the municipality during the fiscal year two years 14 earlier for the retirement of principal and interest on outstanding bonds, notes, or other 15 indebtedness incurred before July 1, 1977, to pay costs of school construction; 16 (2) 90 percent of 17 (A) payments made by the municipality during the fiscal year 18 two years earlier for the retirement of principal and interest on outstanding 19 bonds, notes, or other indebtedness incurred after June 30, 1977, and before 20 July 1, 1978, to pay costs of school construction; 21 (B) cash payments made after June 30, 1976, and before July 1, 22 1978, by the municipality during the fiscal year two years earlier to pay costs 23 of school construction; 24 (3) 90 percent of 25 (A) payments made by the municipality during the fiscal year 26 two years earlier for the retirement of principal and interest on outstanding 27 bonds, notes, or other indebtedness incurred after June 30, 1978, and before 28 January 1, 1982, to pay costs of school construction projects approved under 29 AS 14.07.020(a)(11); 30 (B) cash payments made after June 30, 1978, and before July 1, 31 1982, by the municipality during the fiscal year two years earlier to pay costs
01 of school construction projects approved under AS 14.07.020(a)(11); 02 (4) subject to (h) and (i) of this section, up to 90 percent of 03 (A) payments made by the municipality during the current 04 fiscal year for the retirement of principal and interest on outstanding bonds, 05 notes, or other indebtedness incurred after December 31, 1981, and authorized 06 by the qualified voters of the municipality before July 1, 1983, to pay costs of 07 school construction, additions to schools, and major rehabilitation projects that 08 exceed $25,000 and are approved under AS 14.07.020(a)(11); 09 (B) cash payments made after June 30, 1982, and before July 1, 10 1983, by the municipality during the fiscal year two years earlier to pay costs 11 of school construction, additions to schools, and major rehabilitation projects 12 that exceed $25,000 and are approved under AS 14.07.020(a)(11); and 13 (C) payments made by the municipality during the current 14 fiscal year for the retirement of principal and interest on outstanding bonds, 15 notes, or other indebtedness to pay costs of school construction, additions to 16 schools, and major rehabilitation projects that exceed $25,000 and are 17 submitted to the department for approval under AS 14.07.020(a)(11) before 18 July 1, 1983, and approved by the qualified voters of the municipality before 19 October 15, 1983, not to exceed a total project cost of (i) $6,600,000 if the 20 annual growth rate of average daily membership of the municipality is more 21 than seven percent but less than 12 percent, or (ii) $20,000,000 if the annual 22 growth rate of average daily membership of the municipality is 12 percent or 23 more; payments made by a municipality under this subparagraph on total 24 project costs that exceed the amounts set out in (i) and (ii) of this subparagraph 25 are subject to (5)(A) of this subsection; 26 (5) subject to (h) - (j) of this section, 80 percent of 27 (A) payments made by the municipality during the fiscal year 28 for the retirement of principal and interest on outstanding bonds, notes, or 29 other indebtedness authorized by the qualified voters of the municipality 30 (i) after June 30, 1983, but before March 31, 1990, to 31 pay costs of school construction, additions to schools, and major
01 rehabilitation projects that exceed $25,000 and are approved under 02 AS 14.07.020(a)(11); or 03 (ii) before July 1, 1989, and reauthorized before 04 November 1, 1989, to pay costs of school construction, additions to 05 schools, and major rehabilitation projects that exceed $25,000 and are 06 approved under AS 14.07.020(a)(11); and 07 (B) cash payments made after June 30, 1983, by the 08 municipality during the fiscal year two years earlier to pay costs of school 09 construction, additions to schools, and major rehabilitation projects that exceed 10 $25,000 and are approved by the department before July 1, 1990, under 11 AS 14.07.020(a)(11); 12 (6) subject to (h) - (j) and (m) of this section, 70 percent of payments 13 made by the municipality during the fiscal year for the retirement of principal and 14 interest on outstanding bonds, notes, or other indebtedness authorized by the qualified 15 voters of the municipality on or after April 30, 1993, but before July 1, 1996, to pay 16 costs of school construction, additions to schools, and major rehabilitation projects 17 that exceed $200,000 and are approved under AS 14.07.020(a)(11); 18 (7) subject to (h) - (j) and (m) of this section, 70 percent of payments 19 made by the municipality during the fiscal year for the retirement of principal and 20 interest on outstanding bonds, notes, or other indebtedness authorized by the qualified 21 voters of the municipality after March 31, 1990, but before April 30, 1993, to pay 22 costs of school construction, additions to schools, and major rehabilitation projects; 23 (8) subject to (h), (i), (j)(2) - (5), and (n) of this section and after 24 projects funded by the bonds, notes, or other indebtedness have been approved by the 25 commissioner, 70 percent of payments made by the municipality during the fiscal year 26 for the retirement of principal and interest on outstanding bonds, notes, or other 27 indebtedness authorized by the qualified voters of the municipality on or after July 1, 28 1995, but before July 1, 1998, to pay costs of school construction, additions to 29 schools, and major rehabilitation projects that exceed $200,000 and are approved 30 under AS 14.07.020(a)(11); 31 (9) subject to (h), (i), (j)(2) - (5), and (n) of this section and after
01 projects funded by the bonds, notes, or other indebtedness have been approved by the 02 commissioner, 70 percent of payments made by the municipality during the fiscal year 03 for the retirement of principal and interest on outstanding bonds, notes, or other 04 indebtedness authorized by the qualified voters of the municipality on or after July 1, 05 1998, but before July 1, 2006, to pay costs of school construction, additions to 06 schools, and major rehabilitation projects that exceed $200,000 and are approved 07 under AS 14.07.020(a)(11); 08 (10) subject to (h), (i), (j)(2) - (5), and (o) of this section, and after 09 projects funded by the bonds, notes, or other indebtedness have been approved by the 10 commissioner, 70 percent of payments made by the municipality during the fiscal year 11 for the retirement of principal and interest on outstanding bonds, notes, or other 12 indebtedness authorized by the qualified voters of the municipality on or after June 30, 13 1998, to pay costs of school construction, additions to schools, and major 14 rehabilitation projects that exceed $200,000, are approved under AS 14.07.020(a)(11), 15 and are not reimbursed under (n) of this section; 16 (11) subject to (h), (i), and (j)(2) - (5) of this section, and after projects 17 funded by the bonds, notes, or other indebtedness have been approved by the 18 commissioner, 70 percent of payments made by a municipality during the fiscal year 19 for the retirement of principal and interest on outstanding bonds, notes, or other 20 indebtedness authorized by the qualified voters of the municipality on or after June 30, 21 1999, but before January 1, 2005, to pay costs of school construction, additions to 22 schools, and major rehabilitation projects and education-related facilities that exceed 23 $200,000, are approved under AS 14.07.020(a)(11), and are not reimbursed under (n) 24 or (o) of this section; 25 (12) subject to (h), (i), and (j)(2), (3), and (5) of this section, 60 percent 26 of payments made by a municipality during the fiscal year for the retirement of 27 principal and interest on outstanding bonds, notes, or other indebtedness authorized by 28 the qualified voters of the municipality on or after June 30, 1999, but before January 1, 29 2005, to pay costs of school construction, additions to schools, and major 30 rehabilitation projects and education-related facilities that exceed $200,000, are 31 reviewed under AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this
01 section; 02 (13) subject to (h), (i), (j)(2) - (5), and (p) of this section, and after 03 projects funded by the tax exempt bonds, notes, or other indebtedness have been 04 approved by the commissioner, 70 percent of payments made by a municipality during 05 the fiscal year for the retirement of principal and interest on outstanding tax exempt 06 bonds, notes, or other indebtedness authorized by the qualified voters of the 07 municipality on or after June 30, 1999, but before October 31, 2006, to pay costs of 08 school construction, additions to schools, and major rehabilitation projects and 09 education-related facilities that exceed $200,000, are approved under 10 AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this section; 11 (14) subject to (h), (i), (j)(2), (3), and (5), and (p) of this section, 60 12 percent of payments made by a municipality during the fiscal year for the retirement 13 of principal and interest on outstanding tax exempt bonds, notes, or other indebtedness 14 authorized by the qualified voters of the municipality on or after June 30, 1999, but 15 before October 31, 2006, to pay costs of school construction, additions to schools, and 16 major rehabilitation projects and education-related facilities that exceed $200,000, are 17 reviewed under AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this 18 section; 19 (15) subject to (h), (i), (j)(2) - (5), and (q) of this section, and after 20 projects funded by the bonds, notes, or other indebtedness have been approved by the 21 commissioner, 90 percent of payments made by a municipality during the fiscal year 22 for the retirement of principal and interest on outstanding bonds, notes, or other 23 indebtedness authorized by the qualified voters of the municipality on or after June 30, 24 1999, but before October 31, 2006, to pay costs of school construction, additions to 25 schools, and major rehabilitation projects and education-related facilities that exceed 26 $200,000, are approved under AS 14.07.020(a)(11), meet the 10 percent participating 27 share requirement for a municipal school district under the former participating share 28 amounts required under AS 14.11.008(b), and are not reimbursed under (n) or (o) of 29 this section; 30 (16) subject to (h), (i), and (j)(2) - (5) of this section, and after projects 31 funded by the tax exempt bonds, notes, or other indebtedness have been approved by
01 the commissioner, 70 percent of payments made by a municipality during the fiscal 02 year for the retirement of principal and interest on outstanding tax exempt bonds, 03 notes, or other indebtedness authorized by the qualified voters of the municipality on 04 or after October 1, 2006, but before January 1, 2015, to pay costs of school 05 construction, additions to schools, and major rehabilitation projects and education- 06 related facilities that exceed $200,000, are approved under AS 14.07.020(a)(11), and 07 are not reimbursed under (o) of this section; 08 (17) subject to (h), (i), and (j)(2), (3), and (5) of this section, 60 percent 09 of payments made by a municipality during the fiscal year for the retirement of 10 principal and interest on outstanding tax exempt bonds, notes, or other indebtedness 11 authorized by the qualified voters of the municipality on or after October 1, 2006, but 12 before January 1, 2015, to pay costs of school construction, additions to schools, and 13 major rehabilitation projects and education-related facilities that exceed $200,000, are 14 reviewed under AS 14.07.020(a)(11), and are not reimbursed under (o) of this section; 15 (18) subject to (h), (i), and (j)(2) - (5) of this section, and after 16 projects funded by the tax exempt bonds, notes, or other indebtedness have been 17 approved by the commissioner, 50 percent of payments made by a municipality 18 during the fiscal year for the retirement of principal of and interest on 19 outstanding tax exempt bonds, notes, or other indebtedness authorized by the 20 qualified voters of the municipality on or after July 1, 2020, to pay costs of school 21 construction, additions to schools, and major rehabilitation projects and 22 education-related facilities that exceed $200,000, are approved under 23 AS 14.07.020(a)(11), and are not reimbursed under (o) of this section; 24 (19) subject to (h), (i), and (j)(2), (3), and (5) of this section, 40 25 percent of payments made by a municipality during the fiscal year for the 26 retirement of principal of and interest on outstanding tax exempt bonds, notes, or 27 other indebtedness authorized by the qualified voters of the municipality on or 28 after July 1, 2020, to pay costs of school construction, additions to schools, and 29 major rehabilitation projects and education-related facilities that exceed 30 $200,000, are reviewed under AS 14.07.020(a)(11), and are not reimbursed under 31 (o) of this section.
01 * Sec. 4. AS 14.11.100 is amended by adding a new subsection to read: 02 (s) Notwithstanding any other provision of law, the commissioner may not 03 approve an application for bond debt reimbursement made by a municipality for 04 school construction or major maintenance for indebtedness authorized by the qualified 05 voters of the municipality on or after January 1, 2015, but before July 1, 2020. 06 * Sec. 5. AS 14.11.102 is amended by adding a new subsection to read: 07 (c) The commissioner may not allocate funds to a municipality under 08 AS 14.11.100 for the retirement of the principal of and interest on outstanding tax- 09 exempt bonds, notes, or other indebtedness authorized by the qualified voters of the 10 municipality on or after January 1, 2015, but before July 1, 2020. 11 * Sec. 6. AS 14.11.014(d), 14.11.100(s), and 14.11.102(c) are repealed July 1, 2020. 12 * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to 13 read: 14 RETROACTIVITY. Sections 1, 2, 4, and 5 of this Act are retroactive to January 1, 15 2015.