Legislature(1995 - 1996)
1996-01-08 House Journal
Full Journal pdf1996-01-08 House Journal Page 2378 HB 401 HOUSE BILL NO. 401 by the House Rules Committee by request of the Governor, entitled: An Act authorizing the issuance and sale of revenue bonds to fund public wastewater systems, nonpoint source water pollution control projects, including solid waste management systems, and estuary conservation and management projects; authorizing the use of the Alaska clean water fund to pay and secure the bonds and to pay costs related to issuance and administration of the bonds; authorizing certain measures to secure payment of the bonds; and amending Alaska Rule of Civil Procedure 3. was read the first time and referred to the Community & Regional Affairs, State Affairs, Resources and Finance Committees. 1996-01-08 House Journal Page 2379 HB 401 The following fiscal notes apply: Zero fiscal note, Dept. of Revenue, 1/8/96 Zero fiscal note, Dept. of Environmental Conservation, 1/8/96 The Governors transmittal letter, dated January 8, 1996, appears below: Dear Speaker Phillips: Under the authority of art. III, sec. 18, of the Alaska Constitution, I am transmitting a bill to authorize the state bond committee to issue and sell state revenue bonds to fund public wastewater treatment systems, solid waste management systems, nonpoint source water pollution control projects, and estuary conservation and management projects. This bill also authorizes the Department of Environmental Conservation to use the Alaska clean water fund, a revolving loan fund, as security for the payment of the principal and interest on the bonds, provided the bond proceeds are deposited in the fund. By using the fund as security for the bonds, the state will be able to leverage or increase the amount of money in the fund that is available to municipalities and state agencies for water pollution control projects. Section 2 of the bill provides the legal framework for the bond issuance and sale. This section is patterned after the international airports revenue bonds statutes, and establishes a cooperative relationship between DEC, which administers the Alaska clean water fund, and the state bond committee, which will administer the bond program. The bill requires the state bond committee to conduct its activities in the best interests of the state and its inhabitants, in a manner that will accomplish the most advantageous sale of the bonds, with due regard for the continued funding of projects under the Alaska clean water fund program. Sections 3-12 of the bill amend the clean water fund loan program to clarify the statute. It authorizes DEC to use the fund to secure state- issued bonds and to make other amendments necessary to acknowledge the bond-issuance and repayment process. 1996-01-08 House Journal Page 2380 HB 401 I urge your prompt consideration and passage of this bill. Sincerely, /s/ Tony Knowles Governor