HB 282: "An Act relating to the authorization for and the issuance of revenue bonds by the University of Alaska to pay for the costs of repair and rehabilitation of buildings and other structures, excluding student housing and dormitories, of the University of Alaska; expanding the uses of the Alaska debt retirement fund to allow financing of the repair and rehabilitation of University of Alaska facilities; and providing for an effective date."
00HOUSE BILL NO. 282 01 "An Act relating to the authorization for and the issuance of revenue bonds by 02 the University of Alaska to pay for the costs of repair and rehabilitation of 03 buildings and other structures, excluding student housing and dormitories, of the 04 University of Alaska; expanding the uses of the Alaska debt retirement fund to 05 allow financing of the repair and rehabilitation of University of Alaska facilities; 06 and providing for an effective date." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. LEGISLATIVE INTENT. It is the intent of the legislature that appropriations 09 for lease or other payments for debt service on the bonds authorized by this Act be made from 10 the Alaska debt retirement fund (AS 37.15.011). 11 * Sec. 2. AS 37.15.011(b) is amended to read: 12 (b) The Alaska debt retirement fund shall be invested by the Department of 13 Revenue so as to yield competitive market rates, as provided in AS 37.10.071. Money 14 in the fund may be appropriated
01 (1) for the purposes set out in AS 37.15.012; 02 (2) to reimburse municipalities for obligations authorized under 03 AS 14.11.100; 04 (3) to finance the acquisition of state facilities through lease-purchase 05 agreements; [AND] 06 (4) to finance the acquisition and capital costs of repair and 07 rehabilitation of University of Alaska facilities through lease agreements, lease-purchase agreements, or other 08 financing agreements; and 09 (5) if an unobligated balance remains, to finance the design and 10 construction of capital projects. 11 * Sec. 3. BOND AUTHORIZATION; PROJECT APPROVAL. (a) The University of 12 Alaska may issue revenue bonds under AS 14.40.254 in an aggregate amount not to exceed 13 $45,000,000 and may use the proceeds of the revenue bonds to pay for costs of a project to 14 repair and rehabilitate buildings and other structures, excluding student housing and 15 dormitories, owned by the University of Alaska and to pay related costs, including the costs 16 of issuing the bonds. 17 (b) Regarding the project described in (a) of this section, notice is given under 18 AS 14.40.253 that 19 (1) the anticipated annual payment amount is $4,045,000; 20 (2) the anticipated financing is $81,420,000; 21 (3) the total construction, acquisition, and other costs of the project are 22 $42,215,000. 23 (c) This section grants the legislative approval of the project required by 24 AS 14.40.253. 25 * Sec. 4. This Act takes effect July 1, 1996 only if, by July 1, 1996, a bill is not enacted 26 into law to authorize capital appropriations or bonds for the purposes authorized by sec. 3 of 27 this Act that total at least $20,000,000. Any amounts authorized for the issuance of bonds by 28 the Alaska Housing Finance Corporation for the purpose of financing the repair and 29 rehabilitation of student housing facilities at the University of Alaska may not be counted in 30 determining whether the $20,000,000 authorization required by this section is met.