Legislature(1993 - 1994)
03/14/1994 08:30 AM House FIN
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
HB 466 An Act authorizing the issuance of bonds by the Alaska Housing Finance Corporation to pay for the 1 costs of repair and rehabilitation of student housing facilities of the University of Alaska; authorizing the issuance of bonds by the University of Alaska to pay for the costs of repair and rehabilitation of facilities of the University of Alaska; amending powers of the Alaska Housing Finance Corporation; amending the definition of "public building"; relating to the Alaska debt retirement fund; and providing for an effective date. HB 466 was placed into Subcommittee with Representative MacLean as Chair and with members Representative Martin, Representative Grussendorf and Representative Therriault. HOUSE BILL 466 "An Act authorizing 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; authorizing the issuance of bonds by the University of Alaska to pay for the costs of repair and rehabilitation of facilities of the University of Alaska; amending powers of the Alaska Housing Finance Corporation; amending the definition of "public building"; relating to the Alaska debt retirement fund; and providing for an effective date." WENDY REDMAN, VICE PRESIDENT FOR UNIVERSITY RELATIONS, UNIVERSITY OF ALASKA, FAIRBANKS, explained that after years of inadequate funding, the backlog of deferred maintenance projects now totals more than $150 million dollars for the University of Alaska system. Over the past decade, the university has sought nearly $180 million dollars for maintenance projects, and received less than one third of that amount. The result is that the facilities on every campus, particularly the oldest campuses in Fairbanks and Ketchikan, are in a dangerous state of disrepair. 6 She added that the Board of Regents has made capital improvement maintenance the highest priority and that the university wants the problem resolved this year either through passage of bonding legislation or direct appropriation. Bonds make sense this year because the state's outstanding debt service is declining and bond interest rates are low. It is necessary that the bond holder have lease to the facility during the time while the bond is being paid off. Certain type of projects are difficult to bond since there are no tangible assets. Co-Chair MacLean suggested that a "sunset clause" be added as the requests are project specific. Ms. Redman understood that when a bond is issued, there is a certain amount of time to sell them at the completion of the project. Ms. Redman added that campus housing is a high priority for the Anchorage and Juneau campus. The Board of Regents has not taken a position on the housing concern. She pointed out that these funds are disproportionate around the state. Representative Therriault noted that he will not support any new building around the state until the maintenance concern is addressed. He asked if there was any other proposed legislation which addresses new construction. Ms. Redman replied that SB 229 requests cash for student housing projects in Anchorage. She added that the Anchorage campus is the fastest growing campus in the State and no new facilities have been built for years. Co-Chair Larson placed HB 466 into a subcommittee chaired by Representative MacLean and with members Representative Martin, Representative Grussendorf and Representative Therriault. Representative Martin provided the Committee with an amendment for its consideration incorporating it. [Copy on file]. HB 466 was HELD in Committee for further consideration.
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