05/02/2002 04:21 PM House FIN

HOUSE BILL NO. 525                                                                                                            
                                                                                                                                
     "An Act relating  to the issuance of  general obligation                                                                   
     bonds  for the purpose  of paying  the cost of  deferred                                                                   
     maintenance of  public facilities; and providing  for an                                                                   
     effective date."                                                                                                           
                                                                                                                                
Co-Chair  Mulder  provided members  with  proposed  committee                                                                   
substitute,  work draft  22-LS1735\F, dated  5/2/02 (copy  on                                                                   
file).  He noted  that there  are  many deferred  maintenance                                                                   
needs throughout  the state  that need  to be addressed.  The                                                                   
legislation  attempts  to  address  these  needs.  The  total                                                                   
amount  is  $199,317,717  dollars.  There  is:  $113  million                                                                   
dollars   for  schools,   $5.56  million   dollars  for   the                                                                   
university,  $31,887,500  for docks  and  harbors, and  $48.5                                                                   
million  dollars  for  state  facilities.  He  observed  that                                                                   
duplicative funds,  which will receive federal  funding, were                                                                   
removed.  This made  room for  deferred maintenance  projects                                                                   
for  schools in  Yukon-Koyukuk, Dillingham  City, and  Hoonah                                                                   
City.                                                                                                                           
                                                                                                                                
Co-Chair  Williams MOVED  to  ADOPT work  draft  22-LS1735\F,                                                                   
dated 5/2/02. There being NO OBJECTION, it was so ordered.                                                                      
                                                                                                                                
Representative Hudson  MOVED to report CSHB 525  (FIN) out of                                                                   
Committee with  the accompanying fiscal note.  There being NO                                                                   
OBJECTION, it was so ordered.                                                                                                   
                                                                                                                                
CSHB  525 (FIN)  was REPORTED  out  of Committee  with a  "do                                                                   
pass" recommendation  and with  a fiscal  impact note  by the                                                                   
Department of Revenue.