Legislature(2003 - 2004)
2004-06-22 House Journal
Full Journal pdf2004-06-22 House Journal Page 4460 HB 1005 HOUSE BILL NO. 1005 by the House Rules Committee by request of the Governor, entitled: "An Act providing for and relating to the issuance of general obligation bonds for the purpose of paying the cost of state surface transportation projects; and providing for an effective date." was read the first time and referred to the Finance Committee. The following fiscal note(s) apply: 1. Fiscal, Dept. of Revenue The Governor's transmittal letter dated June 21, 2004, follows: "Dear Speaker Kott: Under the authority of art. III, sec. 18, of the Alaska Constitution, I am transmitting a bill authorizing the issuance of general obligation bonds to finance surface transportation capital improvement projects. The projects included in this bill address a variety of important surface transportation needs across the state, ranging from congestion relief in Anchorage and Fairbanks, to safety improvements, betterment of driving conditions, and access to critical resource and industrial projects. Some of these upgrades are being included to facilitate transfer to local ownership. Investment in transportation pays both short- and long-term dividends to the state's economy. Immediately, it would put Alaskans to work in the design and construction of these surface transportation projects. Long-term, it ensures that workers and commodities can move efficiently, and enables new economic activity to occur that in turn creates new family-wage jobs. As such, I consider this bond package a stimulus to the state's economy, and part of the budget solution. One key advantage of this bill is that it provides an additional level of transportation financing during a period of reduced federal funding for highways. Since statehood, the flow of federal dollars has typically 2004-06-22 House Journal Page 4461 grown each year, but since 2002 this trend has changed and we now face two consecutive years of decline in federal funding levels. Supplementing the state's capital program with general obligation bond money would ensure that the state's infrastructure would keep pace with growth in traffic and other uses. I view this bond package as an important plank in the state's long- range financial plan. Ensuring that we have a sufficient and effective surface transportation system is an important duty of the legislative and executive branches. The bill also requires that the money in the bond package only be available once a constitutional amendment establishing the percent of market value approach to determining amounts available for appropriation from the Alaska Permanent Fund, and the bonds, have been approved by the voters. I welcome your support for this important measure. Sincerely yours, /s/ Frank H. Murkowski Governor"