Legislature(1995 - 1996)
1995-04-07 Senate Journal
Full Journal pdf1995-04-07 Senate Journal Page 0923 SB 121 SENATE BILL NO. 121 "An Act making an appropriation for deferred maintenance for the University of Alaska; and providing for an effective date" was read the second time. Senator Duncan offered Amendment No. 1 : Page 1, line 1: Delete entire bill beginning at " Insert: "An Act ratifying an agreement between the Alaska Housing Finance Corporation and the commissioner of revenue and making certain pledges to obligees of the corporation regarding that agreement; relating to the authorization for and the issuance of bonds by the Alaska Housing Finance Corporation to pay for the costs of repair and rehabilitation of student housing facilities of the University of Alaska; and providing for an effective date." BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 1995-04-07 Senate Journal Page 0924 SB 121 * Section 1. PURPOSE. The purpose of this Act is to provide for the orderly transfer of certain assets of the Alaska Housing Finance Corporation (corporation) to the general fund through a transfer agreement between the corporation and the commissioner of revenue. The Alaska Housing Finance Corporation has served an important public purpose by helping to remedy the shortage of adequate housing throughout the state. The corporation has assisted in providing Alaskans with rural housing and sewer and water systems, senior housing, special needs housing, and low and moderate income housing through its various programs. The corporation's resources must remain strong in order to continue progress in meeting these housing needs, both directly and through borrowing in capital markets. In particular, capital markets require assurances that payments by the corporation to the general fund are fixed at a prudent and predictable level. It is the purpose of this Act to fix payments to the general fund at a prudent and predictable level for the next five fiscal years through a formal transfer agreement. It is also a purpose of this Act to authorize the corporation to issue bonds to enable the University of Alaska to repair and rehabilitate student housing facilities. * Sec. 2. TRANSFER AGREEMENT. The Alaska Housing Finance Corporation (corporation) and the commissioner of revenue may enter into a transfer agreement that provides for the transfer of certain assets of the corporation to the general fund from July 1, 1995 to June30, 2000. The commissioner of revenue immediately shall notify the governor and the legislature when the agreement has been signed. * Sec. 3. RATIFICATION AND PLEDGE OF THE STATE. The agreement dated May1, 1995 between the Alaska Housing Finance Corporation and the commissioner of revenue, described in sec. 2 of this Act, is ratified. The state pledges to obligees of the corporation that the state will not alter the power of the corporation to fulfill the terms of any other agreement with an obligee of the corporation or, during the term of the transfer agreement ratified by this Act, cause assets to be transferred from the corporation in excess of the amount set out in the transfer agreement. * Sec. 4. BOND AUTHORIZATION. The Alaska Housing Finance Corporation may issue bonds under AS18.56 in an aggregate principal amount not to exceed $30,000,000 to provide amounts to the University of Alaska to pay costs of a project to repair and rehabilitate student housing facilities owned by the 1995-04-07 Senate Journal Page 0925 SB 121 University of Alaska and to pay related costs, and to provide amounts for the Alaska Housing Finance Corporation to pay costs of issuing the bonds. The Alaska Housing Finance Corporation and the University of Alaska may enter into an agreement with respect to the transfer and expenditure of the bond proceeds for these purposes by the University of Alaska. The Alaska Housing Finance Corporation shall pay the principal and interest on the bonds from Alaska Housing Finance Corporation funds and the bonds shall be general obligations of the Alaska Housing Finance Corporation. * Sec. 5. Section 3 of this Act takes effect only if the transfer agreement described in sec.3 of this Act is signed on May1, 1995. The commissioner of revenue immediately shall notify the governor, the legislature, and the revisor of statutes when the transfer agreement has been signed. * Sec. 6. Sections 1, 2, and 4 of this Act take effect immediately under AS01.10.070(c). * Sec. 7. Except as provided in secs.5 and 6 of this Act, this Act takes effect immediately under AS 01.10.070(c), or May1, 1995, whichever is later. Senator Duncan moved for the adoption of Amendment No. 1. Objections were heard. The question being: "Shall Amendment No. 1 be adopted?" The roll was taken with the following result: SB 121 Second Reading Amendment No. 1 YEAS: 7 NAYS: 12 EXCUSED: 1 ABSENT: 0 Yeas: Adams, Donley, Duncan, Ellis, Hoffman, Lincoln, Salo Nays: Frank, Green, Halford, Kelly, Leman, Miller, Pearce, Phillips, Rieger, Sharp, Taylor, Torgerson Excused: Zharoff and so, Amendment No. 1 failed. 1995-04-07 Senate Journal Page 0926 SB 121 Senator Halford moved and asked unanimous consent that the bill be considered engrossed, advanced to third reading and placed on final passage. Senator Duncan objected. The question being: "Shall the bill be advanced from second to third reading?" The roll was taken with the following result: SB 121 Advance from Second to Third Reading? YEAS: 11 NAYS: 7 EXCUSED: 1 ABSENT: 1 Yeas: Frank, Green, Halford, Leman, Miller, Pearce, Phillips, Rieger, Sharp, Taylor, Torgerson Nays: Adams, Donley, Duncan, Ellis, Hoffman, Lincoln, Salo Excused: Zharoff Absent: Kelly and so, SENATE BILL NO. 121 failed to advance. The bill will appear on the April 10 calendar.