HB 350: "An Act relating to school bond debt reimbursement; and providing for an effective date."
00 HOUSE BILL NO. 350 01 "An Act relating to school bond debt reimbursement; and providing for an effective 02 date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 14.11.014(d) is amended to read: 05 (d) Notwithstanding any other provision of law, the committee may not 06 recommend for approval an application for bond debt reimbursement made by a 07 municipality for school construction or major maintenance for indebtedness authorized 08 by the qualified voters of the municipality on or after January 1, 2015, but before 09 July 1, 2022 [2025]. 10 * Sec. 2. AS 14.11.100(a) 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
01 indebtedness incurred before July 1, 1977, to pay costs of school construction; 02 (2) 90 percent of 03 (A) payments made by the municipality during the fiscal year 04 two years earlier for the retirement of principal and interest on outstanding 05 bonds, notes, or other indebtedness incurred after June 30, 1977, and before 06 July 1, 1978, to pay costs of school construction; 07 (B) cash payments made after June 30, 1976, and before July 1, 08 1978, by the municipality during the fiscal year two years earlier to pay costs 09 of school construction; 10 (3) 90 percent of 11 (A) payments made by the municipality during the fiscal year 12 two years earlier for the retirement of principal and interest on outstanding 13 bonds, notes, or other indebtedness incurred after June 30, 1978, and before 14 January 1, 1982, to pay costs of school construction projects approved under 15 AS 14.07.020(a)(11); 16 (B) cash payments made after June 30, 1978, and before July 1, 17 1982, by the municipality during the fiscal year two years earlier to pay costs 18 of school construction projects approved under AS 14.07.020(a)(11); 19 (4) subject to (h) and (i) of this section, up to 90 percent of 20 (A) payments made by the municipality during the current 21 fiscal year for the retirement of principal and interest on outstanding bonds, 22 notes, or other indebtedness incurred after December 31, 1981, and authorized 23 by the qualified voters of the municipality before July 1, 1983, to pay costs of 24 school construction, additions to schools, and major rehabilitation projects that 25 exceed $25,000 and are approved under AS 14.07.020(a)(11); 26 (B) cash payments made after June 30, 1982, and before July 1, 27 1983, by the municipality during the fiscal year two years earlier to pay costs 28 of school construction, additions to schools, and major rehabilitation projects 29 that exceed $25,000 and are approved under AS 14.07.020(a)(11); and 30 (C) payments made by the municipality during the current 31 fiscal year for the retirement of principal and interest on outstanding bonds,
01 notes, or other indebtedness to pay costs of school construction, additions to 02 schools, and major rehabilitation projects that exceed $25,000 and are 03 submitted to the department for approval under AS 14.07.020(a)(11) before 04 July 1, 1983, and approved by the qualified voters of the municipality before 05 October 15, 1983, not to exceed a total project cost of (i) $6,600,000 if the 06 annual growth rate of average daily membership of the municipality is more 07 than seven percent but less than 12 percent, or (ii) $20,000,000 if the annual 08 growth rate of average daily membership of the municipality is 12 percent or 09 more; payments made by a municipality under this subparagraph on total 10 project costs that exceed the amounts set out in (i) and (ii) of this subparagraph 11 are subject to (5)(A) of this subsection; 12 (5) subject to (h) - (j) of this section, 80 percent of 13 (A) payments made by the municipality during the fiscal year 14 for the retirement of principal and interest on outstanding bonds, notes, or 15 other indebtedness authorized by the qualified voters of the municipality 16 (i) after June 30, 1983, but before March 31, 1990, to 17 pay costs of school construction, additions to schools, and major 18 rehabilitation projects that exceed $25,000 and are approved under 19 AS 14.07.020(a)(11); or 20 (ii) before July 1, 1989, and reauthorized before 21 November 1, 1989, to pay costs of school construction, additions to 22 schools, and major rehabilitation projects that exceed $25,000 and are 23 approved under AS 14.07.020(a)(11); and 24 (B) cash payments made after June 30, 1983, by the 25 municipality during the fiscal year two years earlier to pay costs of school 26 construction, additions to schools, and major rehabilitation projects that exceed 27 $25,000 and are approved by the department before July 1, 1990, under 28 AS 14.07.020(a)(11); 29 (6) subject to (h) - (j) and (m) of this section, 70 percent of payments 30 made by the municipality during the fiscal year for the retirement of principal and 31 interest on outstanding bonds, notes, or other indebtedness authorized by the qualified
01 voters of the municipality on or after April 30, 1993, but before July 1, 1996, to pay 02 costs of school construction, additions to schools, and major rehabilitation projects 03 that exceed $200,000 and are approved under AS 14.07.020(a)(11); 04 (7) subject to (h) - (j) and (m) of this section, 70 percent of payments 05 made by the municipality during the fiscal year for the retirement of principal and 06 interest on outstanding bonds, notes, or other indebtedness authorized by the qualified 07 voters of the municipality after March 31, 1990, but before April 30, 1993, to pay 08 costs of school construction, additions to schools, and major rehabilitation projects; 09 (8) subject to (h), (i), (j)(2) - (5), and (n) of this section and after 10 projects funded by the bonds, notes, or other indebtedness have been approved by the 11 commissioner, 70 percent of payments made by the municipality during the fiscal year 12 for the retirement of principal and interest on outstanding bonds, notes, or other 13 indebtedness authorized by the qualified voters of the municipality on or after July 1, 14 1995, but before July 1, 1998, to pay costs of school construction, additions to 15 schools, and major rehabilitation projects that exceed $200,000 and are approved 16 under AS 14.07.020(a)(11); 17 (9) subject to (h), (i), (j)(2) - (5), and (n) of this section and after 18 projects funded by the bonds, notes, or other indebtedness have been approved by the 19 commissioner, 70 percent of payments made by the municipality during the fiscal year 20 for the retirement of principal and interest on outstanding bonds, notes, or other 21 indebtedness authorized by the qualified voters of the municipality on or after July 1, 22 1998, but before July 1, 2006, to pay costs of school construction, additions to 23 schools, and major rehabilitation projects that exceed $200,000 and are approved 24 under AS 14.07.020(a)(11); 25 (10) subject to (h), (i), (j)(2) - (5), and (o) of this section, and after 26 projects funded by the bonds, notes, or other indebtedness have been approved by the 27 commissioner, 70 percent of payments made by the municipality during the fiscal year 28 for the retirement of principal and interest on outstanding bonds, notes, or other 29 indebtedness authorized by the qualified voters of the municipality on or after June 30, 30 1998, to pay costs of school construction, additions to schools, and major 31 rehabilitation projects that exceed $200,000, are approved under AS 14.07.020(a)(11),
01 and are not reimbursed under (n) of this section; 02 (11) subject to (h), (i), and (j)(2) - (5) of this section, and after projects 03 funded by the bonds, notes, or other indebtedness have been approved by the 04 commissioner, 70 percent of payments made by a municipality during the fiscal year 05 for the retirement of principal and interest on outstanding bonds, notes, or other 06 indebtedness authorized by the qualified voters of the municipality on or after June 30, 07 1999, but before January 1, 2005, to pay costs of school construction, additions to 08 schools, and major rehabilitation projects and education-related facilities that exceed 09 $200,000, are approved under AS 14.07.020(a)(11), and are not reimbursed under (n) 10 or (o) of this section; 11 (12) subject to (h), (i), and (j)(2), (3), and (5) of this section, 60 percent 12 of payments made by a municipality during the fiscal year for the retirement of 13 principal and interest on outstanding bonds, notes, or other indebtedness authorized by 14 the qualified voters of the municipality on or after June 30, 1999, but before January 1, 15 2005, to pay costs of school construction, additions to schools, and major 16 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 (13) subject to (h), (i), (j)(2) - (5), and (p) of this section, and after 20 projects funded by the tax exempt bonds, notes, or other indebtedness have been 21 approved by the commissioner, 70 percent of payments made by a municipality during 22 the fiscal year for the retirement of principal and interest on outstanding tax exempt 23 bonds, notes, or other indebtedness authorized by the qualified voters of the 24 municipality on or after June 30, 1999, but before October 31, 2006, to pay costs of 25 school construction, additions to schools, and major rehabilitation projects and 26 education-related facilities that exceed $200,000, are approved under 27 AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this section; 28 (14) subject to (h), (i), (j)(2), (3), and (5), and (p) of this section, 60 29 percent of payments made by a municipality during the fiscal year for the retirement 30 of principal and interest on outstanding tax exempt bonds, notes, or other indebtedness 31 authorized by the qualified voters of the municipality on or after June 30, 1999, but
01 before October 31, 2006, to pay costs of school construction, additions to schools, and 02 major rehabilitation projects and education-related facilities that exceed $200,000, are 03 reviewed under AS 14.07.020(a)(11), and are not reimbursed under (n) or (o) of this 04 section; 05 (15) subject to (h), (i), (j)(2) - (5), and (q) of this section, and after 06 projects funded by the bonds, notes, or other indebtedness have been approved by the 07 commissioner, 90 percent of payments made by a municipality during the fiscal year 08 for the retirement of principal and interest on outstanding bonds, notes, or other 09 indebtedness authorized by the qualified voters of the municipality on or after June 30, 10 1999, but before October 31, 2006, to pay costs of school construction, additions to 11 schools, and major rehabilitation projects and education-related facilities that exceed 12 $200,000, are approved under AS 14.07.020(a)(11), meet the 10 percent participating 13 share requirement for a municipal school district under the former participating share 14 amounts required under AS 14.11.008(b), and are not reimbursed under (n) or (o) of 15 this section; 16 (16) subject to (h), (i), and (j)(2) - (5) of this section, and after projects 17 funded by the tax exempt bonds, notes, or other indebtedness have been approved by 18 the commissioner, 70 percent of payments made by a municipality during the fiscal 19 year for the retirement of principal and interest on outstanding tax exempt bonds, 20 notes, or other indebtedness authorized by the qualified voters of the municipality on 21 or after October 1, 2006, but before January 1, 2015, to pay costs of school 22 construction, additions to schools, and major rehabilitation projects and education- 23 related facilities that exceed $200,000, are approved under AS 14.07.020(a)(11), and 24 are not reimbursed under (o) of this section; 25 (17) 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 tax exempt bonds, notes, or other indebtedness 28 authorized by the qualified voters of the municipality on or after October 1, 2006, but 29 before January 1, 2015, to pay costs of school construction, additions to schools, and 30 major 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 (o) of this section;
01 (18) subject to (h), (i), and (j)(2) - (5) of this section, and after projects 02 funded by the tax exempt bonds, notes, or other indebtedness have been approved by 03 the commissioner, 70 [50] percent of payments made by a municipality during the 04 fiscal year for the retirement of principal of and interest on outstanding tax exempt 05 bonds, notes, or other indebtedness authorized by the qualified voters of the 06 municipality on or after July 1, 2022 [2025], to pay costs of school construction, 07 additions to schools, and major rehabilitation projects and education-related facilities 08 that exceed $200,000, are approved under AS 14.07.020(a)(11), and are not 09 reimbursed under (o) of this section; 10 (19) subject to (h), (i), and (j)(2), (3), and (5) of this section, 60 [40] 11 percent of payments made by a municipality during the fiscal year for the retirement 12 of principal of and interest on outstanding tax exempt bonds, notes, or other 13 indebtedness authorized by the qualified voters of the municipality on or after July 1, 14 2022 [2025], to pay costs of school construction, additions to schools, and major 15 rehabilitation projects and education-related facilities that exceed $200,000, are 16 reviewed under AS 14.07.020(a)(11), and are not reimbursed under (o) of this section. 17 * Sec. 3. AS 14.11.100(s) is amended to read: 18 (s) Notwithstanding any other provision of law, the commissioner may not 19 approve an application for bond debt reimbursement made by a municipality for 20 school construction or major maintenance for indebtedness authorized by the qualified 21 voters of the municipality on or after January 1, 2015, but before July 1, 2022 [2025]. 22 * Sec. 4. AS 14.11.102(c) is amended to read: 23 (c) The commissioner may not allocate funds to a municipality under 24 AS 14.11.100 for the retirement of the principal of and interest on outstanding tax- 25 exempt bonds, notes, or other indebtedness authorized by the qualified voters of the 26 municipality on or after January 1, 2015, but before July 1, 2022 [2025]. 27 * Sec. 5. Section 6, ch. 3, SLA 2015, as amended by sec. 5, ch. 6, SLA 2020, is amended to 28 read: 29 Sec. 6. AS 14.11.014(d), 14.11.100(s), and 14.11.102(c) are repealed July 1, 30 2022 [2025]. 31 * Sec. 6. The uncodified law of the State of Alaska is amended by adding a new section to
01 read: 02 RETROACTIVITY. If this Act takes effect after July 1, 2022, this Act is retroactive to 03 July 1, 2022. 04 * Sec. 7. This Act takes effect immediately under AS 01.10.070(c).