2005-01-18                     House Journal                      Page 0091
The proposal also includes $340 million of primarily transportation,                                
university, and deferred maintenance projects that will be funded                                   
through bonds issued by the Heritage Securitization Corporation, that I                             
will propose to create in separate legislation.  Debt will be issued over                           
several years as money is needed to pay for projects.  Debt service will                            
be paid from the Heritage Capital Fund, which consists of earnings of                               
the Amerada Hess settlement principal.                                                              
                                                                                                    
The capital budget includes proceeds from the sale of bonds by the                                  
Alaska Student Loan Corporation (ASLC).  This is the second of a                                    
three-year plan by which ASLC is repaying the state for its initial                                 
investment of $300 million in student loan programs.  The proposal                                  
reflects the corporation's desire to assist the state in bridging its short-                        
term fiscal gap.  This proposal will have no impact on student loan                                 
programs.  ASLC plans to repay the state up to $260 million by the                                  
end of FY 2007.                                                                                     
                                                                                                    
I look forward to working closely with this Legislature to jointly craft                            
a capital budget that provides Alaska residents essential state services                            
and creates good jobs for hard working Alaskans.                                                    
                                                                                                    
                                Sincerely yours,                                                    
                                /s/                                                                 
                                Frank H. Murkowski                                                  
                                 Governor"                                                         
                                                                                                    
The previous Governor's bills are out of numerical sequence because                                 
the numbers were preassigned.                                                                       
                                                                                                    
HB 73                                                                                             
HOUSE BILL NO. 73 by the House Rules Committee by request of                                        
the Governor, entitled:                                                                             
                                                                                                    
     "An Act increasing the base student allocation for state financing                             
     of public schools; and providing for an effective date."                                       
                                                                                                    
was read the first time and referred to the House Special Committee on                              
Education and the Health, Education & Social Services and Finance                                   
Committees.